But GPG’s protest draws support
Trans Tasman Properties Ltd subsidiary Australian Growth Properties Ltd’s 2 board members facing re-election in Sydney on Wednesday were both voted back on the board against, but their 3 opponents got far more of the non-aligned vote.
The AGP annual report shows Trans Tasman (controlled by SEA Holdings Ltd of Hong Kong) holding 50.1% (151.2 million shares), Guinness Peat Group plc & subsidiaries 11.2% (33.4 million shares).
Australian Growth Properties chairman Rod McGeoch got 175 million votes (68% of votes cast), former Tasman Properties Ltd managing director David Cooper 160.2 million (62%).
Against them, James Fielding Investments Ltd director Greg Paramor got 98.7 million, Laurie Gibbs got 97.3 million and Gary Weiss of GPG got 97.6 million (all 38% of votes cast).
Excluding the Trans Tasman shares, fewer than 8 million non-aligned shares were voted against the 3 GPG-related candidates â€“ but as everybody knew SEA had the vote won, this margin doesn’t mean much.
Support for the protesters, however, added 15% of the total register to the 11.2% GPG holding.
GPG has campaigned against the awarding of the Australian Growth Properties management contract to an SEA company, and has suggested the whole Trans Tasman/AGP group be liquidated.