CAPILANO SWEET TALKS WESCOBEE

Shareholders have voted to sell WA honey packer Wescobee to Capilano after a dissident group failed to overturn the deal or throw out the board.

 Wescobee chairman David McIntyre said votes were cast “convincingly” in favour of selling the brand name, honey stocks and plant & equipment to the listed Queensland-based company.

 Once the property is sold, the outcome is expected to yield $8.5million.

 The vote had been postponed from January after beekeeper Kim Fewster and five other shareholders sought the removal of Mr McIntyre and fellow directors.

Mr Fewster had wanted to keep Wescobee operating independently of Capilano.

 Mr McIntyre said the 90-minute meeting of 50 to 60 shareholders had been conducted cordially with the first six resolutions voted on without discussion.

 He said a resolution to change the name of the 87-year-old company in the wake of the sale was supported by 79 per cent of the voting shareholders. “There wasn’t any aggression, so we let the vote talk for our position”, Mr McIntyre said.

 “In many ways I regret that it won’t be WA beekeeper-owned into the future but a lot of those will be able to buy shares in Capilano.

 “The important thing is that the shareholders are realising, I think, value at the optimum time.”

 Mr McIntyre said much of the opposition to the deal was emotional. “The Wescobee brand’s been around for a long time” he said.

 By Peter Williams – The West Australian Newspaper - 23 March 2013.