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.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.