Opposition to Burger Fuel’s $4m payout extinguished

The high court has approved plans for a capital return to shareholders. Photo / NZME

Burger Fuel will pay out more than $4 million to shareholders, with the high court approving its capital return.

The company had asked for approval to give shareholders the millions it had raised for a partnership with Subway in the United States, which had not eventuated.

The plan was opposed by brand founder and minority shareholder Chris Mason through his family trust. Mason had claimed shareholders had not received enough information from Burger Fuel about the proposal, that the capital return wasn’t in the business or shareholders’ best interests, and that it may not have been fair and equitable.

Burger Fuel and its majority shareholder and chief executive Josef Roberts had maintained that because the money had been raised for a specific purpose that had not gone ahead, the money should go back to shareholders.

Read the full story at BusinessDesk.