Bidvest to amend founding document

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Bidvest will amend its Memorandum of Incorporation (MoI) to suit its international shareholders who are threatening to vote against the adoption of the document if the company does not revert to a former requirement that directors be rotated over a certain period.

The company's board could not pass the MoI yesterday and had to adjourn the annual general meeting until next week.

Bidvest chief financial officer David Cleasby said 69 percent of Bidvest shareholders were in favour of the MoI but the firm required 75 percent support to pass the MoI before the deadline in May next year. - Asha Speckman

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