Steadfast members vote for listing

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28 May 2012

Steadfast is moving towards a public listing after members voted at an extraordinary general meeting last week to adopt a new constitution.

Chairman Robert Kelly told insuranceNEWS.com.au the resolutions adopted at the EGM will “enable the company to be Australian Securities Exchange (ASX) compliant”.

“That was the final hurdle and now frees up the organisation to list,” he said.

“All the behind-the-scenes work has been done and all that is left is the due diligence on brokers.

“We will also have to appoint a new board as part of the public offering.”

The meeting approved two resolutions: to adopt a new constitution and, if that was not passed, to amend the constitution.

Mr Kelly said votes from SA, the NT, southeast Queensland, Victoria and Tasmania were all in favour.

A total of six votes against and one abstention were recorded from members in Far North Queensland, NSW/ACT and WA.

“For the resolutions to pass we needed 75% of votes to be expressed as a ‘yes’ vote, so this was achieved by an overwhelming majority,” Mr Kelly said in a note to shareholders.