27/02/2008 - 15:56

LinQ investor buy-out to proceed after tight vote

27/02/2008 - 15:56

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The controversial buy-out of two institutional investors in LinQ Resources Fund Ltd is set to proceed, but only after an audit of last week's unitholder vote found it was much tighter than previously disclosed.

 LinQ investor buy-out to proceed after tight vote

The controversial buy-out of two institutional investors in LinQ Resources Fund Ltd is set to proceed, but only after an audit of last week's unitholder vote found it was much tighter than previously disclosed.

The audited poll results found that a proposal to buy out UK investment group Weiss Asset Management succeeded by a margin of just 0.17 per cent of units.

LinQ announced on Christmas Eve that it had struck a deal to buy out units held by Weiss and Carrousel Capital, which had been agitating for changes to the management of the fund, headed by LinQ Capital boss Clive Donner.

The buy-out proposal attracted opposition from unitholders because it was to be at a price above the prevailing unit price.

Results of the audit released today show there were 59,971,089 votes in favour of the Weiss buy-out and 59,764,391 against, according to Computershare.

The original vote against the proposal was 57,683,464 units.

The West Perth-based company also revised its numbers on the motion to buy out the remaining Carrousel units, reducing its 'for' vote tally to 91,731,460 from 92,161,527.

A third proposal for the redemption of unts was supported by a majority of unitholders but failed because it did not gain the required 75 per cent support.

 

 

 

 

 

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