27/11/2008 - 09:47

Great Southern delays investor meeting

27/11/2008 - 09:47

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A falling share price has prompted agricultural investment manager Great Southern to delay next week's meeting of project investors, who were to decide on a restructure proposal of the company.

A falling share price has prompted agricultural investment manager Great Southern to delay next week's meeting of project investors, who were to decide on a restructure proposal of the company.

A meeting was scheduled for December 1, however Great Southern said that the independent directors representing the project investors needed more information.

Last month, Great Southern revealed a revised restructure plan which included the buy-out of interest of managed investment scheme investors in eight projects in exchange for shares.

Great Southern had said the number of shares issued will vary on the VWAP price, but will be capped at $1 and have a floor price of 50 cents.

However since then, the company's share price has fallen from 53.5 cents to its last traded price of 23.5c at 9:43 AEDT.

Today Great Southern said it needed to provide supplementary information including the final determination of the VWAP of shares and also the anticipated release of September quarter results.

The shareholders meeting scheduled for December 4 has also been adjourned.

 


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