Call: 07 5499 8988
email: info(at)mcusb(dot)com(dot)au
MEDIA RELEASE
Special General Meeting Outcome
Issued 1:30 Saturday 25 June 2011
The members of MCU Limited met today to consider a proposal to merge with CUA Limited. The proposal had been unanimously recommended by MCU’s Board as in the best interests of members.
The proposal failed to reach the required special majority of 75% of members voting. Consequently, the proposed merger will not proceed.
Regrettably, only 22% of members participated in the vote. The Board believes that this reflects satisfaction in the Board’s stewardship of MCU by the 78% of members who did not vote.
The Board will take a little time to consider the strategic direction of the Credit Union and how best to gauge the views of the hitherto silent majority of members.
In the meantime, MCU will be conducting business as usual.
Media Contacts:
Alan Harrington
Chairman
Greg Stevens
CEO
(07) 5499 8988
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