AUSTRALIA: Berren beats off second IWIF coup
A second requisition was put forward by disgruntled shareholders represented by Gary Mares & Associates, which called on Berren to be replaced as fund manager by Challenger Beston or to have the fund wound up.
However, Berren chief executive Chris Day said yesterday that he had received further legal advice that the resolutions in the second requisition could not be effectively passed by unitholders at a general meeting.
Day said he had provided Mares with several opportunities to revise his proposal but had still not received an effective requisition.
Recently a first requisition put up also by Mares unitholders sought to increase a special distribution for unitholders and suspend the fund's dividend reinvestment plan.
However, these were rejected after Berren sought legal advice which concluded that the requisition would amount to handing over management control, which could not be done under its constitution and Corporations Law.
Berren is holding a general meeting of unitholders on July 24 in Adelaide to consider the future of the fund after it sold its 18.3 million shares in BRL Hardy, following BRL's merger with Constellation Brands in January.
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