Wednesday, 14 March 2018 11:40

LIC awaits vote count

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LIC chairman Murray King with LIC secretary Gillian Brennan.

A result on LIC’s share simplification vote will be known by 2pm today.

The cooperative's special general meeting has just ended in Hamilton. Votes are being counted.

LIC needs 75% support to pass the resolution to have one class of shares.

Currently it has two class of shares: investment shares, which have access to dividends but no voting rights, and cooperative control shares, which have voting rights but no access to dividends.

LIC chairman Murray King told the 50 people at the meeting that the cooperative has to change.

King says the cooperative needs a fair system for all class of shareholders. The voting results will be released to NZX at 2pm.

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