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| Subject: Asian financial services expansion IAG | |
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Author: anonymous |
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Date Posted: 07:09:01 10/22/02 Tue In reply to: anonymous 's message, "Common shareholders ERG & IAG. very approximately 20% note Citicorp Sandy Murdoch." on 06:42:29 10/22/02 Tue http://www.mynrma.com.au/member_centre/corporate_profile/media_centre/releases2002/021022.shtml ------------------------------------------------------------ 22 October 2002 ------------------------------------------------------------ President moves to have fresh election for entire NRMA board ------------------------------------------------------------ The President of the National Roads and Motorists' Association, Mr Ross Turnbull announced today that he was seeking the agreement of NRMA Board members to voluntarily stand down so a new election could be held for the entire board. ------------------------------------------------------------ "By doing this, the future make-up of the board will be placed directly in the hands of our two million members," Mr Turnbull said. ------------------------------------------------------------ "This approach would provide a fresh start for the NRMA and I believe it is the best way to end the years of factionalism and personal animosity that have been part of the every day climate within the boardroom. ------------------------------------------------------------ "If the board members, legislators and possibly courts agree, a special election will be held in the New Year and our members will then decide the future make-up of the entire board. ------------------------------------------------------------ "It's time to turn on the lights in the NRMA boardroom. ------------------------------------------------------------ "This is a chance to begin a new era of sensible, constructive boardroom behaviour and that will result in an even stronger NRMA, better governance, more service for our members, a lift in staff morale and greater goodwill at all levels of the organisation. ------------------------------------------------------------ "The NRMA is meant to be in the business of providing road services for motorists. That's what we should focus on. At present, much of the news the NRMA generates is about anything but providing a service to motorists. ------------------------------------------------------------ "There are many legal, constitutional and practical obstacles to overcome before this becomes a reality, however, I am sure that with goodwill, we can all work together to achieve the desired outcome. ------------------------------------------------------------ "The next election (for half of the board positions) is due around September next year. In coming months, we have an adjourned special general meeting, an annual general meeting and further moves and requisitions to have other special general meetings. Those meetings will cost around $15million and they are likely to simply add to the instability, rather than generate harmony. ------------------------------------------------------------ "It makes sense to wrap all of these up into one step which resolves all issues. This can be done with an election for all board positions around February next year. That way, the cost of all these meetings and next year's election is dramatically reduced and there is still plenty of time for candidates to present their credentials to our two million members. ------------------------------------------------------------ "In the meantime, I believe it makes sense for all of the existing board members to remain in place until the full election and I propose that no major policy changes are made by the board until this time. ------------------------------------------------------------ "If the board and the regulators agree to this proposal, nominations for the election would be called before the end of the year and I am confident community leaders from all walks of life would put themselves forward as candidates. ------------------------------------------------------------ "I am aware that some existing board members would choose not to contest a new election because they too believe that it's time for a completely new look to the board. ------------------------------------------------------------ "I appeal to all of my colleagues and the regulators to put their commonsense hats on for a few months and to do what is right for the NRMA as a whole. I believe that means asking our members to vote for a new board. ------------------------------------------------------------ "It appears to me that anyone who opposes this solution to a long-running problem must have a vested interest in continued instability…they are no friends of the NRMA that I believe in," Mr Turnbull said. ------------------------------------------------------------ http://www.mynrma.com.au/member_centre/membership/benefits_program.shtml ------------------------------------------------------------ http://www.dailytelegraph.news.com.au/common/story_page/0,5936,5309725%5E3163,00.html -----------------------------------------------------------NRMA needs HELP18oct02 ------------------------------------------------------------ FARCICAL scenes erupted at Darling Harbour Convention Centre yesterday after a huge member turnout forced new road service president Ross Turnbull to adjourn the meeting. ------------------------------------------------------------ Later, Mr Turnbull told reporters he had no choice. ------------------------------------------------------------ "All the members could not get in to vote and I said: 'Let's adjourn the meeting until we can get a venue so all the people concerned can cast their vote'." ------------------------------------------------------------ In a statement issued later, the NRMA said the decision to adjourn the meeting, which cost members $3 million to organise, had been taken on legal advice. ------------------------------------------------------------ At the media conference, Mr Turnbull attacked the law that made it possible for 100 members to call special meetings. ------------------------------------------------------------ "The NRMA must be taken to a place of stability," he said. ------------------------------------------------------------ "Some people are professional agitators and some people are fair dinkum," he complained. ------------------------------------------------------------ He described criticisms about directors being appointed, rather than elected by members as "hogwash". ------------------------------------------------------------ "I'm unaligned and I've said there'll be no factions," he said. Factions on the board were the problem and it had to be stopped, he said. As he spoke to reporters, a small group booed and jeered from a behind a cordon of beefy security staff. ------------------------------------------------------------ An estimated 2000 people turned up for the special meeting due to start at 4pm. At 4.30pm, a queue of members still waiting to register snaked across the Convention Centre. Inside, the auditorium was packed to its 1000-seat capacity while a further 550 members watched the preceedings on a screen in a dedicated "overflow" room. ------------------------------------------------------------ And in truth, the farcical scenes had began at 4pm, when Mr Turnbull put a motion to those members already inside the auditorium that former chief justice Sir Laurence Street be appointed to chair the meeting. ------------------------------------------------------------ Opponents and supporters immediately lined up behind the microphones to declare points of order, oppose or support the motion, demand the media and their cameras be allowed inside, or complain about the tea and bikkies. ------------------------------------------------------------ Eventually Mr Turnbull put the motion to appoint Sir Laurence to a show of hands. ------------------------------------------------------------ Three times the motion was put but without a clear result. Mr Turnbull threatened to put the motion to a poll, and warned members that counting would take an hour. ------------------------------------------------------------ He was wasting his breath. For many this was the best fun they'd had in years. ------------------------------------------------------------ Meanwhile, as many as 500 members waited outside in a queue that snaked back and forth across the foyer. ------------------------------------------------------------ The estimated 2000 to 3000 members had come to vote on two special resolutions calling for the removal of up to nine directors from the mutual's 14-member board. ------------------------------------------------------------ The nine belong to two rival factions that are slowly sucking members' funds dry and they pulled out all stops to win. ------------------------------------------------------------ There were people wearing sandwich boards mixing it with placard wavers and finger pointers. ------------------------------------------------------------ http://news.ninemsn.com.au/Business/story_26888.asp IAG shares hit record lows ------------------------------------------------------------ Insurance Australia Group Ltd's shares plunged to fresh lows on Tuesday amid mounting concerns about its $1.86 billion purchase of the CGU and NZI insurance companies. ------------------------------------------------------------ Brokers and analysts said there was a growing belief IAG had paid too much for the acquisition and would have problems with its offer to retail investors to help fund the deal. ------------------------------------------------------------ IAG shares dropped six cents, or 2.5 per cent, to close at $2.38 after earlier hitting an intra-day low of $2.32. ------------------------------------------------------------ The stock is well below its peak of about $3.55 reached in May this year and the $2.55 offer price it used to raise $500 million from institutional investors last week to fund the acquisition from Britain's Aviva plc. ------------------------------------------------------------ Broking houses including ABN Amro and UBS Warburg were among the major sellers. ------------------------------------------------------------ "You could argue that it's an indication that fund managers believe that IAG and (chief executive) Mr (Michael) Hawker have paid too much," Terrain Securities client adviser Ric Klusman said. ------------------------------------------------------------ "If their retail offer is priced at $2.55 they've got buckley's." ------------------------------------------------------------ IAG plans to raise another $380 million through a retail share offer priced at $2.55 a share. The offer opens on November 4. ------------------------------------------------------------ Some market watchers believe that if IAG's continue to fall, the deal's underwriters - UBS Warburg and Deutsche Bank - will have to step in and buy the rest of the stock. ------------------------------------------------------------ The brokers are then expected to sell out once IAG's share prices hit a certain target after the offer is completed, a move which is likely to put more pressure on IAG's shares. ------------------------------------------------------------ "I think it's going to get down to $2.25 over the next week," Mr Klusman said. ------------------------------------------------------------ "It's not as if it's the most glowing industrial company out there. ------------------------------------------------------------ "They're not making any money." ------------------------------------------------------------ An insurance analyst, who asked not to be named, said investors were not impressed by the deal as it appeared to be done on the basis of "growth for growth's sake". ------------------------------------------------------------ "It smells like it was undertaken just to achieve growth," he said. ------------------------------------------------------------ "Growth for growth's sake is something the market has lost interest in. ------------------------------------------------------------ "Had he done this deal when we were sitting in a bull market it probably would have been a different thing. ------------------------------------------------------------ "The other concern out there would be that while they got the institutional placement away, it's clear that was a bit difficult. ------------------------------------------------------------ "Now people are concerned that the retail offer might not get away." ------------------------------------------------------------ The analyst added that most of IAG shareholders were "mums and dads" investors who saw little point putting their money into shares when equity markets remain shaky. ------------------------------------------------------------ [ Next Thread | Previous Thread | Next Message | Previous Message ] |