Abano Healthcare's special meeting will be held tomorrow but
there is no guarantee the dissident shareholders will back
off if their motion to remove chairman Trevor Janes is
Abano Healthcare shareholders Peter Hutson and James Reeves
went to the High Court in Auckland in a bid to delay the
special meeting they called, where they are seeking to remove
Messrs Hutson and Reeves wanted to delay this Friday's
meeting by three to four weeks, saying the timeframe was
''inadequate'' and ''impracticable'' to call and conduct the
However, Justice Susan Thomas declined to delay the meeting
in a decision released yesterday, Abano managing director
Alan Clarke said.
The meeting was then due to go ahead this Friday.
Brokers spoken to by the Otago Daily Times said if Messrs
Hutson and Reeves did not get the result they wanted
tomorrow, there was no guarantee they would back off.
''They have mentioned before that if they fail they may have
another go. It's very distracting for the board, management
and all involved,'' a broker said.
Mr Clarke said he was very pleased with the decision,''We
felt that there was nothing inhibiting the meeting proceeding
and so we're pleased that the process is going to be
completed from Friday,'' he said.
The company issued the notice of meeting on Friday May 23 and
the board recommended shareholders oppose the vote to dump
the chairman. Mr Janes abstained from endorsing the
The dissident shareholders said they were disappointed but
not surprised by the decision.
''We have viewed the special meeting process as fundamentally
flawed from the start. We await the judge's written
We note Abano submitted at the hearing that a better option,
rather than delaying the meeting, was to simply call another
The next step is a second special meeting run properly this
time,'' Mr Hutson and Mr Reeves said in a statement.
''We are not going away. Further evidence emerged in the
hearing that raises serious questions as to whether Trevor
Janes is a fit and proper person to lead Abano. Furthermore,
this process has raised fundamental questions as to what
levels of misleading behaviours are acceptable in New
Zealand's capital markets.''