DENNIS DECISION DEFERRED
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A T the annual general meeting of Dennis Bros. 1-1.Ltd. last week the chairman stated that the Matthews/Maxted group, which had previously circularized shareholders, had agreed that the business of Dennis Bros. should be continued without interruption, provided that two existing directors of the company resigned and three of the Matthews/Maxted group nominees were elected.
In the interests of continuity of the company, the Dennis board was prepared to agree to such a compromise. But after lengthy discussion the shareholders took the matter out of the board's hands by proposing two resolutions:—
(a) That the existing board should be reelected as it stood.
(h) That the meeting should be adjourned so that all shareholders might have an opportunity of re-expressing their views, bearing in mind particularly that the proxies for the Matthews/ Maxted group were obtained on the strength of a circular proposing closure of the business and sale of the assets and this group had now changed its views by agreeing that the business should be continued.
In view of the changed proposals since the Matthews/Maxted circular was sent out the chairman felt that all shareholders should have the opportunity of registering their opinion or reconsidering their earlier opinion. Accordingly he put the resolution for adjournment to the meeting and it was carried by a large majority.
A further circular clarifying the whole position will be sent to all shareholders by the board together with notice of the place and time of the adjourned meeting.