Windfarms shareholders give go-ahead to Vector raising stake

Shareholders of New Zealand Windfarms have overwhelmingly supported the company's request that its 20% shareholder, Vector, be allowed to increase its holding to as much as 40%.

A special shareholders' meeting yesterday considered the question, which arises from the expectation that a rescue recapitalisation plan, involving a deeply discounted $34.1 million eight-for-three cash issue, will not be fully subscribed.

Vector has said it intends to take up its entitlement, but has yet to make a formal decision.

The special resolution gained 99.8% shareholder approval.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.