2 Nov 2009

Proposed changes to Sky City constitution unlikely

7:34 am on 2 November 2009

Large institutional investors at Sky City Entertainment Group have torpedoed changes in the casino operator's constitution which would have made it easier for directors to participate in any capital raising.

The adoption of a new constitution would have brought it in line with NZX's new listing rules, amended in April this year.

Despite having the board's support at the company's annual meeting on Friday, Sky City Entertainment chief executive Nigel Morrison told shareholders that some significant shareholders had voted against the resolution, and it was likely to be defeated.