20/03/2013 - 15:42

Shareholders call for removal of Aviva director

20/03/2013 - 15:42


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Shareholders call for removal of Aviva director

Aviva Corporation says it has received a notice from a group of shareholders calling for the removal of director Pieter Britz.

The company said it had received the notice from shareholders holding more than 5 per cent, however, it did not disclose who those shareholders are. 

Aviva is preparing to hold a shareholder meeting to consider a previous proposal where Ian Middlemas would join Aviva as chairman and Mark Pearce as a non-executive director.

Earlier this month, Aviva announced Mr Middlemas and Mr Pearce, his business partner in investment house Apollo Group, had sought to pay a discounted price of $1.65 million for 15 million shares for, a stake representing 8 per cent of stock on a watered-down basis.

While Aviva board members Geoffrey Loftus-Hills, Lindsay Reed and Rob Kirtlan have supported the deal, the company’s 14.6 per cent shareholder Sentient has opposed it through its nominated director Pieter Britz.

The same shareholder meeting will also consider resolutions put forward by Sentient to remove chairman Geoff Loftus-Hills, chief executive Lindsay Reed and director Robert Kirtlan as directors.

Aviva said today the resolution to remove Mr Britz will also be considered at the same shareholder meeting.

Shares in Aviva closed down 0.5c at 14.5c today. 


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