GPG drags Tower back to court
Guinness Peat Group (GPG) will appeal the provisional High Court ruling handed down on Friday that allows Tower Corporation to present its demutualisation proposal to policyholders.
Saturday, December 12th 1998, 12:00AM
Guinness Peat Group (GPG) will appeal the provisional High Court ruling handed down on Friday that allows Tower Corporation to present its demutualisation proposal to policyholders.GPG director Tony Gibbs says the appeal will be lodged immediately.
Meanwhile, Tower Group managing director James Boonzaier says GPG should respect the court's decision and let policyholders make up their minds over future of the company.
Boonzaier, despite GPG's planned appeal, is still confident Tower would list next year.
He says an information memorandum will be sent to policyholders in the first quarter of next year.
It requires the support of 75 per cent of Tower's 400,000 members to be implemented.
The High Court's role last week was to determine whether Tower's proposal legally met the requirements of the company's enabling act, and to make sure the proposal was fair to Tower members and adequately protected creditors.
Judge Wild said it was not his job to decide whether Tower's scheme or GPG's one was the better plan.
Tower.
Although GPG claims Tower's proposal is illegal, Justice Wild ruled otherwise, rejecting all GPG's main arguments.
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