Highlands Pacific Limited defeats Board spill motions
Clients Highlands Pacific Limited
Jones Day advised Highlands Pacific Limited ("HIG") on a Board spill requisition and subsequent special meeting of shareholders where the Board spill motions were defeated. HIG is incorporated in Papua New Guinea and listed on ASX and the Port Moresby Stock Exchange.
Panaust Ltd, a 13.89 percent shareholder, requisitioned in February 2017 a special meeting of shareholders of HIG to remove four of the existing six directors and to appoint three nominees citing the need for a new strategy and direction for the company and claiming the current management and Board had not applied themselves diligently to the pursuit of increasing shareholder value. HIG was obliged to call the meeting and did so for May 18, 2017 in Port Moresby.
The current Board was retained with a 55 percent vote.