Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
This follows that sector group narrowly voting the merger down last Friday by 0.2% below the required 75% threshold.
Overall, 85% of Satara shareholders who voted were in favour of the proposed merger, while 97% of the EastPack shareholders voted for the merger.
Chairmen of the two companies, Ray Sharp and Hendrik Pieters said that the most pleasing aspect is that the whole Satara Board now supports the merger whereas three directors were previously opposed.
The meeting date of the new vote is March 14 but only for Special Interest Group 2. The EastPack and the four other Satara interest groups won't be required to vote again as they've already indicated overwhelming support for the merger.
