Peter doesn’t know what he’s talking about. 

members who did not vote were deemed to be not in favour.

pete, you will have to choose between keeping negative disposition to yourself or bone up on your knowledge of the law

:)
Lin

Breaking news from The Examiner’s hard-hitting news team.  Online today:
SHAREHOLDERS of Tasmanian Perpetual Trustees Limited have voted overwhelmingly to merge with MyState Financial at a meeting in Launceston today.

The proposal received more than 90 per cent approval with 13,353,127 votes for, 1,251,228 against and 369,689 abstaining. Members of credit union Mystate voted yesterday to approve the move.

The merger still has to be approved by the Supreme Court of Tasmania and the merger documents lodged with ASIC.

The court hearing will be held next week and the merger is scheduled to become effective from September 4.

The merger will create MyState Limited and will see Tasmanian Perpetual shareholders receive one share in MyState Limited for every share they hold, and MyState Financial members will receive approximately 380 shares.

The new non-operating holding company will join the top 300 industrial companies (by market capitalisation) listed on the Australian Securities Exchange.

Tasmanian Perpetual Trustees and MyState Financial will continue to operate as stand alone brands and businesses, wholly owned as subsidiaries of MyState Limited.

Chairman Michael Vertigan said by approving the merger shareholders had recognised the need to create a stronger business for the benefit of shareholders, clients and staff.

“By maximising the financial strength and size of two complementary businesses, we will be in a better position to demonstrate real benefits to our clients, who will now number in excess of 200,000 or more than half the adult population of Tasmania,” Dr Vertigan said.

After the merger, MyState Limited expects to have a market capitalisation of about $190 million, $1.8 billion of funds under management, advice or administration, $1.3 billion of deposits and loans of approximately $1.9 billion, predominantly to Tasmanians for residential, rural and commercial purposes.

The business will be represented in major cities and regional centres throughout the state and will employ around 400 Tasmanians.

That’s either straight from the horse’s mouth, so to speak, or plagiarised from the following ASX release from Tasmania Perpetual Trustees:

Tasmanian Perpetual Trustees Limited (ASX CODE: TPX) announced today that its shareholders
had overwhelmingly approved the proposal for a merger between TPX and MyState Financial
(MSF). This followed the approval by MSF members at meetings of members in Hobart last night.
The resolution to approve the TPX Scheme to effect the merger was passed by the requisite
majority at the TPX shareholders meeting held at 11.00a.m. today in Launceston, with
shareholders voting as follows:
Under the scheme, TPX shareholders will receive one share in MyState Limited for every share
they hold in TPX. MyState Financial members will receive approximately 380 MyState Limited
shares for each MSF member share.
Once the merger is complete, the new non-operating holding company, MyState Limited, will join
the top 300 industrial companies (by market capitalisation) listed on the Australian Securities
Exchange (ASX). Tasmanian Perpetual Trustees and MyState Financial will continue to operate
as stand alone brands and businesses, wholly owned as subsidiaries of MyState Limited.
The Chairman of TPX and Chairman of MyState Limited, Dr Michael Vertigan AC, said “Through
approving the merger with MSF, TPX shareholders have recognised the future benefits the Board
believes the merger will generate. The merger with MSF will create a substantial Tasmanian
based diversified financial services group.”
“It was always the sole intention of Directors of TPX that the merger would create a stronger
business for the benefit of shareholders, clients and staff.”
“I am of the very firm view that the merger is a great outcome, as the new business will have the
additional strength and capability to provide an expanded range of products and services which
will be equal to the best anywhere in Australia. By maximising the financial strength and size of
two complementary businesses, we will be in a better position to demonstrate real benefits to our
clients, who will now number in excess of 200,000 or more than half the adult population of
Tasmania,” Dr Vertigan said.
After the merger, MyState Limited expects to have a market capitalisation of about $190 million,
$1.8 billion of funds under management, advice or administration, $1.3 billion of deposits and
loans of approximately $1.9 billion, predominantly to Tasmanians for residential, rural and
commercial purposes. The business will be represented in major cities and regional centres
throughout the state and will employ around 400 Tasmanians.
The merger remains conditional upon the approval of the Supreme Court of Tasmania and
lodgement of the orders of the Court with ASIC.

Question to The Examiner - how does one get a position on the online desk?  It must be a pretty cushy job

`

From a TPT point of view, I was told that some shareholders just gave their vote to the company to decide.  Is this normal with shareholder votes?  I would’ve thought that if you don’t vote it just isn’t counted either way - instead of it becoming an automatic yes vote.

I don’t see the point of giving a vote to the company to decide when you may as well just vote yes and have your say properly.

No Lindy, I wanted to point out that ABC Online got its maths wrong.  In truth, only 21% of MyState members voted for a merger. 

Three quarters of MyState members didn’t even vote, so they played no part.  Of the remaining quarter, 84% of them voted in favour.

Is that clearer?