Pyne Gould Corporation shareholders have given overwhelming support to the proposed ‘Heartland bank', with the resolution attracting 99.86% support from those who voted.The resolution only required the approval of 50% of the votes cast by PGC shareh
Pyne Gould Corporation shareholders have given overwhelming support to the proposed ‘Heartland bank’, with the resolution attracting 99.86% support from those who voted.
The resolution only required the approval of 50% of the votes cast by PGC shareholders.
The company plans to merge its wholly owned subsidiary Marac Finance with CBS Canterbury and Southern Cross Building Society (SCBS) to create the new bank.
Earlier this week SCBS and CBS shareholders gave support to the merge.
Marac PIE fund investors have also given their support to the merger.
PGC chairman Bruce Irvine said, “Our yes vote means that all shareholders of the merging parties have now given their support to the proposal to create a New Zealand listed banking(1) and financial services group through merging MARAC, CBS and SCBS.
This is a significant endorsement of the strategic direction we have taken and brings us one step closer to it becoming a reality.”
CBS depositors will vote on the proposal this afternoon.
