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Attempt to stop Hanover meeting fails

Monday 8th December 2008

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Hanover says a last-minute attempt to disrupt tomorrow’s meetings of investors to consider the group’s debt restructure proposals has failed.

An investor sought a High Court injunction to stop the meetings. However the application was dismissed by Justice Heath.

Hanover chief executive Peter Fredricson, welcomed the result.

“This has been an unwanted distraction, but at least the outcome is right for our investors,” he said.

"They can now attend the meetings and exercise their right to vote in the same way as many others have already done through proxies.

He expects the meeting will be "well-attended.”

Hanover has 16,000 investors, owed a total of more than $500 million.

Fredricson said that Hanover hoped to be in a position to announce the outcome of the extraordinary resolutions early tomorrow afternoon.

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