challenger shareholders approve merger

  1. 41 Posts.
    Challenger shareholders approve merger
    Source: SYDNEY AAP
    Date: 2003-Jun-16 11:54 AM
    Shareholders in financial services group Challenger International Ltd approved a $1.1 billion merger with the Kerry Packer backed CPH Investment Corp.
    Based on proxy votes the merger was approved with 181.5 million votes in favour, with 4.67 million against and 86,965 abstaining.
    Chairman Gill Hoskins also used another 15.1 million votes left open to add to the those supporting the merger.
    Mr Hoskins said the Challenger board believed the merger was in the best interests of shareholders.
    "The merger ... represents a new era for Challenger which will go forward as a better capitalised entity," he told shareholders at a meeting.
    Three other meetings are being held for Challenger's option holders and convertible notes holders.
    CPH Investment Corp shareholders vote on the merger.
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