15/01/2009 - 15:14

Investors support OM Holdings changes

15/01/2009 - 15:14

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OM Holdings says it has received overwhelming support from its shareholders for the introduction of Takeover Protection Provisions, which have been criticised by major shareholder Consolidated Minerals.

OM Holdings says it has received overwhelming support from its shareholders for the introduction of Takeover Protection Provisions, which have been criticised by major shareholder Consolidated Minerals.

At a meeting in Singapore today, 85 per cent of stakeholders voted in favour of implementing the takeover provisions, above the required 75 per cent.

The company added that 15 per cent of votes cast were against the resolution, of which Consolidated Minerals accounted for 99.8 per cent.

The approval now allows OMH, which is domiciled in Bermuda, to adopt the changes as outlined in Australia's Corporations Act.

Key aspects of the change include a provision preventing any single investor from acquiring more than 20 per cent of the company without making an equal offer to all shareholders.

It also requires that a party with an interest of more than 5 per cent in the company disclose it to the market.

ConsMin, which holds some 11 per cent of OMH, has previously doused speculation that it is preparing for a takeover and accused the company of "cherry picking" aspects of the Corporations Act.

Both companies are manganese producers.


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