In the shadow of the Budget

By ELLEN READ

Today's Trans Tasman Properties meeting and Friday's GDC Communications gathering stand as the only items on the equity calendar this week - a week during which business news will be dominated by Thursday's 2002-03 Budget.

The Trans Tasman meeting will consider a proposal from Guinness Peat Group directors for the listed real estate firm to be wound up and proceeds returned to shareholders.

This deal is expected to be rejected because the majority shareholder, SEA Holdings, has vowed to block it.

The proposal needs approval from shareholders owning 75 per cent of the company, giving SEA - which owns 54.8 per cent of Trans Tasman - a veto on the deal.

On Friday, GDC Communications' shareholders meet to consider an increase in directors' fees.

The board is proposing a resolution to lift the maximum total of directors' fees from $100,000 to $140,000 per annum - a level they consider appropriate for a non-executive chairman and up to three other non-executive directors.

Last year, GDC directors' fees totalled $60,000 for three non-executive directors and this year fees totalling $100,000 are intended, the company says.

Annual meetings aside, the New Zealand market will continue to be driven by overseas factors in the absence of local stock-sensitive news.

Full Herald coverage:
nzherald.co.nz/budget

Budget links - including Treasury documents:
nzherald.co.nz/budgetlinks