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COPYRIGHT 2003 Asia Pulse Pty Ltd
PERTH, April 30 Asia Pulse - ERG Ltd (ASX:ERG) chief executive Peter Fogarty said a boardroom shake-up would not be a bloodbath, after the group's shareholders today voted in favour a major balance sheet restructure.
The smartcard company's frustrated shareholders endorsed the company's A$250 million (US$155.32 million) debt to equity conversion at a meeting in Perth, despite calls for the board to be sacked because of ERG's woeful performance.
It follows the approval by ERG's noteholders last month.
The conversion will eliminate A$250 million (US$155.32 million) in liabilities from ERG's...
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