Board to call special meeting

An announcement of a special meeting request was issued by Motor Trade Finances Limited (MTF) on July 16 after the board received a letter from shareholders, who together hold 8.1 per cent of its ordinary shares.

It requested MTF to convene a special meeting of ordinary shareholders to consider certain resolutions in relation to the handling of and communication with shareholders in respect of the Sportzone court case.

“The case is an ongoing High Court civil proceeding, brought by the Commerce Commission in December 2009, for alleged breaches of the Credit Contract and Consumer Finance Act 2003, in respect of credit fees charged in 39 credit contracts originated by Sportzone Motorcycles Ltd [in liquidation,” MTF’s announcement states.

“MTF will seek clarification of certain aspects of the shareholders’ request and will update all ordinary shareholders in respect of the proposed special meeting as soon as practicable.”