WELLINGTON COMBINED TAXIS LIMITED, WELLINGTON COMBINED PROPERTIES LIMITED and COMBINED FINANCE LIMITED (all administrators appointed)
The administrators of the companies hereby give notice that they convene the watershed meeting required to be called under sections 239AT and 239AU of the Companies Act 1993, and in accordance with the decision of Hon Justice Boldt in Rahman v Shephard [2025] NZHC 1452.
Date: Monday, 30 June 2025.
Time: 12.30pm (NZST).
Address: Marist St Patricks Club Rooms, Ruahine Street, Hataitai, Wellington.
Shareholders and creditors should arrive 30 minutes prior to the commencement of the meeting to facilitate registration procedures.
The purpose of the watershed meeting is:
1. to consider the administrators’ report accompanying this notice of meeting;
2. for shareholders of WELLINGTON COMBINED TAXIS LIMITED (administrators appointed) (“WCT”) to determine by ordinary resolution whether:
(a) to execute either of the deeds of company arrangement (“DOCA”) accompanying this notice of meeting; or
(b) if neither DOCA is approved by a majority of shareholders, to bring the administration of each of the companies to an end (such that the control of each of the companies returns to its directors); or
(c) if shareholders do not approve (by majority) either DOCA or ending the administration, the companies should be placed into liquidation.
3. following a determination of shareholders, for creditors to then determine whether:
(a) to execute a deed of company arrangement; or
Note: If a single DOCA is approved by a majority vote of shareholders, that option only will be put to creditors for approval. If more than one DOCA is approved by a majority of shareholders, the DOCA receiving the highest shareholder support only will be put to creditors for approval.
(b) to bring the administration of each of the companies to an end (such that the control of each of the companies returns to its directors); or
Note: This option will be put to creditors for approval only if shareholders do not approve either DOCA by majority and if shareholders vote for this option by majority.
(c) the companies should be placed into liquidation.
Note: This option will be put to creditors for approval only if shareholders do not approve by majority any previous option put to them (or if creditors do not approve by majority a previous option approved by shareholders) and if shareholders vote for this option by majority.
For any shareholders or creditors intending to vote by proxy at the watershed meeting, a copy of the notice of appointment of proxy must be delivered to the administrators by 12.30pm on Thursday, 26 June 2025 to be effective. Any proxies received by the administrators after this time will not be effective for the purposes of voting at the watershed meeting.
If any shareholder or creditor no longer wishes their proxy-holder to vote on their behalf at the watershed meeting or wishes to direct their proxy how to vote at the watershed meeting, they can either revoke their proxy and appoint a new proxy (as described above) or revoke their proxy and attend the watershed meeting in person to vote. To revoke a proxy, a shareholder or creditor must complete the Revocation of Proxy form enclosed with the administrators’ report and must deliver the completed form to the administrators by 12.30pm on Thursday, 26 June 2025 to be effective. Alternatively, a shareholder or creditor may revoke their proxy by attending the watershed meeting in person and electing to withdraw their proxy prior to the commencement of the meeting.
Proxy forms and Revocation of Proxy forms can be emailed to wct@bdo.co.nz or delivered to WCT offices at 150 Adelaide Road, Newtown, Wellington 6021.
If you would like to cast a postal vote in relation to any matter to be decided at the watershed meeting, please email wct@bdo.co.nz as soon as possible to request a postal voting pack.
Postal votes must be received by 12.30pm on Thursday, 26 June 2025 to be counted. Any postal votes received by the administrators after this time will not be counted.
Dated this 19th day of June 2025.
IAIN SHEPHARD and JESSICA KELLOW, Joint and Several Administrators.
Address for Administrators: c/- WCT, 150 Adelaide Road, Newtown, Wellington 6021.