Shareholders of Island Press want Sun financial reports
The shareholders of the Island Press return for a Special General Meeting Monday morning to settle matters that arose at the Annual General Meeting on Friday.
Questions arose during the meeting from shareholders over the year-end results of the Bermuda Sun, the outstanding shares of which were taken over by majority shareholder, Island Press Holdings, last summer.
Some of the shareholders were interested to know the results and financial standing for the weekend newspaper at the time a share swap took effect that made it a wholly-owned subsidiary of the press.
The take-over occurred in September, two months before the final results were available.
The newspaper's board remains alive, at least until it meets next week to receive final figures on where the paper stood financially when the Island Press took it over.
After the AGM Friday, its board met and re-elected Mr. Warren Brown Sr.
chairman and welcomed new board member, lawyer, Mr. Max Quin. He takes the seat of a director from England who was not re-nominated.
The rest of the board remained the same.
But during the AGM, described by one participant as "very interesting,'' certain shareholders wanted access to the Sun's final figures.
When asked about last week's meeting, Mr. Brown said, "From a legal point of view, they are no longer shareholders of the Sun, but shareholders of the Island Press.
"But it is the Island Press Holding Company that the report will eventually be given to.'' He said the AGM was finalised and the accounts were approved.
