Tuesday 9th December 2008 |
Text too small? |
Over 70% of each class of investor voted. All of the extraordinary resolutions, each of which required 75% approval, were passed.
The results of the extraordinary resolutions, as a percentage of votes cast, were:
Hanover will now commence implementation of the plan.
Hanover chairman Greg Muir says investors have clearly understood the real issues triggering the restructuring proposal, and have demonstrated confidence in the board, management, shareholders and trustees to work through this difficult period in property and finance markets.
"Hanover is confident that the plan has every prospect of delivering on the repayment schedule endorsed by investors. We will be focused on achieving at least that outcome within the five-year term of the plan."
Secured depositors and stockholders will receive a first repayment of capital on 15 March 2009, with further payments quarterly from the end of June 2009 through to December 2013.
No comments yet
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024
April 23rd Morning Report
RYM - Group CEO Update
BGI - Director Michael Chai