Some Marac investors have voted in favour of a merger with Southern Cross Building Society and Canterbury Building Society (CBS), but a shareholder meeting fell short of a quorum, as expected.At a special meeting of Marac stockholders and PIE fund unithol
Some Marac investors have voted in favour of a merger with Southern Cross Building Society and Canterbury Building Society (CBS), but a shareholder meeting fell short of a quorum, as expected.
At a special meeting of Marac stockholders and PIE fund unitholders today, 99.4 percent of PIE investors voted in favour of the merger, well above the 75 percent required.
A quorum was not present of Marac shareholders, as expected because of the wide spread of shareholders, so another meeting will be held in Auckland on December 8 with a lower attendance requirement.
The merger date of January 7 would not be affected, the company said.
A meeting of Southern Cross depositors yesterday also lacked a quorum, and another meeting for them will be held on December 7. Southern Cross shareholders voted 98.8 percent in favour.
CBS shareholders meet tomorrow, and there will be special meetings of Pyne Gould Corp shareholders and CBS depositors on Friday.
Marac is a subsidiary of Pyne Gould Corp.
An NZX listing for the newly created financial services group is targeted for early February.
The combined business is capable of meeting Reserve Bank of New Zealand requirements to become a bank, an independent report has said.
The two building societies and finance company signed a memorandum of understanding on June 1 to build a "heartland" financial group with a national presence.
The merged group, called Building Society Holdings Ltd, is targeting small business, the rural sector and "Middle New Zealand" individuals and families defined as people earning between $30,000 and $60,000, who constitute one third of the population.
