Standard Shareholders’ Meeting In Auckland

Press, Volume C, Issue 29497, 26 April 1961, Page 14

Standard Shareholders’ Meeting In Auckland

(New Zealand Press Association;

AUCKLAND, April 25. A motion of no-confidence in the directors of the Standard Insurance Company, Ltd., was passed by a private meeting of shareholders of the company in Auckland on Monday, according to a supplied report. The motion referred to the directors’ “failure to consult shareholders before taking action.” The meeting, which was attended by about 60 shareholders, passed a further motion seeking that the liquidator, directors and officers of the company should forthwith disclose to the nominees of the meeting all information and records relating to the affairs of the company. Among eight motions passed by the meeting, according to the report, was one seeking the appointment of three liquidators for the company. It was stipulated that these liquidators should have no power to dispose of the assets of the company until the assets were made known to the shareholders, and that if the assets were to be liquidated they should be advertised for sale in as many countries as possible. A further motion recommended that if the company was to be liquidated, there should be two New Zealand liquidators and one Australian. A committee was elected to gain further information from the directors and the provisional liquidator. Those elected were Dr. R. Connell, who was chairman of the meeting, and Messrs Gerald Ryan, Ronald B. Wilson, H. W. Fisher, and N. J. Shieff.

Mr Shieff later stated that

he would be unable to act on the committee. Dr. Connell said later that the members of the committee would attend the extraordinary meeting of the company to be held in Dunedin on May 8. Mr Wilson said after the meeting that on figures for early April, there were 188 Standard Insurance shareholders in Auckland with a total of 128317 shares. Other figures were: Wellington, 151 shareholders, 79.813 shares; Christchurch, 196 shareholders, 157,957 shares; Dunedin, 296 share-; holders, 241,119 shares.

Mr Wilson said his analysis of the figures showed that the directors held 67,161 shares, while the Perpetual Trustees Estate and Agency Company of New Zealand, Ltd., acted for 59 estates, with a total holding of 112.531 shares.

The chairman of directors of Standard Insurance, Mr Edgar C. Hazlett, is also chairman of Perpetual Trustees.