Norske vote set for July

Fletcher Challenge will hold a special meeting on July 4 for shareholders to vote on the sale of its paper division to Norske Skog.

The date was struck after the company gained a court order to sanction the arrangement.

Shareholders will be asked to approve two resolutions: the first needs 75 per cent approval from the paper holders; the second needs a simple majority to be passed by all Fletcher Challenge shareholders.

Those on the Fletcher register at June 30 will be entitled to vote at the meeting, to be held at Ellerslie Convention Centre.

Fletcher anticipates the transaction will close on July 28.