PROMOTA EGM postponed

PROMOTA has announced that the proposed EGM, where the PROMOTA members were to vote on the proposed merger with bpma, has been postponed due to lack of information.

PROMOTA has announced that the proposed EGM, where the PROMOTA members were to vote on the proposed merger with bpma, has been postponed due to lack of information.

The statement from PROMOTA said:

PROMOTA requested that the BPMA complete the due diligence and supply a copy of the contract entered into with Trade Only and expose any other contracts.

This final request was made on 29 March 2010 with a deadline of no later than 9 April 2010. Despite the Board’s efforts, the bpma's response has not been forthcoming within the timeframe. These delays are NOT of PROMOTA's making.

Consequently, the proposed EGM has been postponed as the PROMOTA Board are again placed in the position where they are unable to provide open and transparent information to members within the specified notice period as set out in the Constitution.

To clarify, PROMOTA has done all that is practically and reasonably possible in the best interest of its members, and this delay is totally outside of the Board's control.

The Board feel strongly that members cannot make an informed decision without access to all the facts, both financial and contractual, relating to a proposed amalgamation.

You can be assured that members will be informed of the new EGM date shortly.

In the interests of parity, Promo e-News has approached bpma for its response, which is being completed and which we will publish as soon as possible.

 

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