02/04/2012 - 15:03

GCU members back demutualisation plan

02/04/2012 - 15:03

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GCU members back demutualisation plan

Goldfields Credit Union members have overwhelmingly supported the company’s proposal to demutualise and list on the ASX.

As a percentage of votes cast, 99 per cent voted in favour of a new constitution, 98 per cent supported a change of name to Goldfields Money, while 99 per cent voted in favour of a share split.

A total of 588 votes were counted, representing up 26 per cent of eligible voters.

GCU, which will be renamed Goldfields Money, revealed in February it would spend $1.86 million to demutualise and raise $9 million in new capital.

“Members gave priority in respect of $4.5 million of the ordinary shares,” chairman Allan Pendal said.

Mr Pendal said the results of the shareholder vote were a striong endorsement of the demutualisation strategy.

“We look forward to the resolutions taking effect as we commence the task to build a significant Western Australian financial institution.”

Listing on the ASX is expected to occur around May 21. 

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