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Compact Metal again adjourns scheme meeting; chairman says time needed for financing nod

COMPACT Metal Industries has once more adjourned a court-ordered scheme meeting on its restructuring plans, even as shareholders had been set to vote on the plan on Thursday.

Shareholders agreed to push back the decision making, after being told that it would give the company more time to secure financing approval from funding institutions, Compact Metal said in an update.

An extraordinary general meeting (EGM) on the same matter has also been adjourned, with two resolutions up for voting on the proposed adoption of a new company constitution and a general share issue mandate. 

Aluminium dealer Compact Metal revived an old plan in March to transfer its shares and listing status to International Cement Group by scheme of arrangement, and become an indirect, wholly owned subsidiary.

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Such a move would need the green light from a majority of the shareholders who hold at least three-quarters of the company's share value.

The scheme meeting, originally scheduled for July 30, will now be held at 10am on Jan 25, 2019 at 120, Pioneer Road, with the EGM to be held half an hour later - or at "such earlier or later time as soon as practicable following the conclusion or adjournment of the scheme meeting".