Trust reports profit as board chair remains
The Trust Company will hold onto its board chair, Bruce Corlett, for one more year as it seeks to conclude the takeover offer presented by Perpetual, while also suspending activities that were to recruit new non-executive directors to the board.
Trust made the comments as part of its annual general meeting where it reported that it had made $11.7 million in net profit after tax and paid dividends of 30 cents per share on a fully franked basis.
In his speech as board chair, Corlett stated Trust had sought to renew its board and had identified a number of new directors to replace those set to leave the board in 2014. However the initial take-over offer by Equity Trustees had put this on hold.
Corlett said he had planned to stand down at today's meeting, but given the take-over offers on the table and the recent change of chief executive from John Atkin to Shailendra Singh, he would remain as chair for one year, at the invitation of the board.
At the same time, discussions with new potential non-executive directors have been put on hold pending the results of the take-over offers presented by Equity Trustees and Perpetual.
Trust's board has repeatedly recommend its shareholders reject the Equity Trustees offer and vote for the Perpetual offer. It has put in place an agreement with Perpetual for it to wholly acquire the shares of Trust.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver discuss the latest shock consumer price index numbers, which rose to 3.8 per cent in October, as well as the shifting US market and calls for super funds to invest in infrastructure projects.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver discuss the Reserve Bank of Australia’s cautious stance in response to persistent inflation, subdued growth prospects, and political shifts affecting the nation’s journey towards net zero emissions.
In this episode of Relative Return, host Laura Dew speaks with Rachel White, head of financial adviser services at Vanguard about how advisers can help Australians to feel confident in retirement.
In this episode of Relative Return Insider, host Keith Ford and AMP deputy chief economist Diana Mousina take a look at the Reserve Bank’s unanimous decision to leave rates on hold on Melbourne Cup Day and whether future cuts are still on the cards.
