Menzies ‘disappointed’ as preference share move fails

Edinburgh-based aviation servicing company John Menzies said on Tuesday it was “disappointed” shareholders voted against plans to cancel preference shares. 

At a general meeting, 63.6% of preference shareholders voted in favour of the motion to approve the cancellation and repayment of preference shares, with 36.4% against.

However, as the motion was a special resolution, the company needed support from at least 75% of shareholders. 

“The company is disappointed to announce that the resolution proposed at the class meeting of preference shareholders held on 17 September 2019, seeking approval of the cancellation and repayment, was not passed by the preference shareholders,” said Menzies.

“As a result, the necessary consents for the cancellation and repayment have not been obtained and therefore the cancellation and repayment cannot proceed at the present time.”