“We feel co-op shareholders should have a say in the proposed joint venture,” co-op shareholder Paddy Casey said, noting that plc shareholders would be entitled to vote on any proposed deal. He also said he was confident that a resolution changing the rules would have the required support of two-thirds of shareholders.
Under the co-op’s rules a special general meeting may be convened by the board at any time on its own authority or upon a requisition addressed to the board, chairman or secretary signed by members representing at least 20 per cent of ordinary shares. If the board fails to convene a meeting within 30 days the members can convene one themselves.