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Former researcher makes DNZ board

Thursday 13th May 2010

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The former owner of research house FundSource and NZ Funds executive David van Schaardenburg has been elected to the DNZ board.

He was elected as an A Shareholder representative following yesterday's vote at a special meeting in Auckland.

Van Schaardenburg was the only one of the three candidates standing for the two vacant A Shareholder positions to be appointed by shareholders.

Peter Fletcher, a representative of the Money Managers Action Group was just short of being appointed with the 49% against vote overriding the 48% for vote. Peter Bruce received 44% for and 53% against.

DNZ chairman Tim Storey acknowledged that A shareholders had shown their dissatisfaction with the previous proposal - pulled in November - with their support for the first three resolutions voted on yesterday.

"But it's equally clear, following our recent round of shareholder meetings throughout the country, that the support to list DNZ, internalise the management contract and move the company forward is also there."

"How we move the company forward will be the focus of the first meeting of the new board on Monday."

Storey said the current trading halt on DNZ shares on the Unlisted trading platform would remain in place at least until the conclusion of Monday's board meeting.

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