Geneva Finance, the lender that closed its branch network to cut costs, has spurned a lobby group's proposal that it hold a special meeting to vote on ousting directors.
Monday, September 29th 2008, 11:48AM
by Jonathan Underhill
The New Zealand Shareholders Association sent shareholders of Geneva a letter this month calling for the removal of chairman Brian Walsh, managing director David O'Connell and Peter Francis from the board. It proposed association chairman Bruce Sheppard as a replacement.
The association's letter is "scurrilous" and calling a special meeting would be a waste of money when Geneva is scheduled to hold its AGM by the end of October, O'Connell said in a statement.
The company has a moratorium on some NZ$138 million of deposits.
