RJR/Gleaner shareholders approve company changes

Shareholders of the RJRGleaner group gave directors the green light to increase authorised shares in the company. It will pave the way for one entity to double its holdings in the group.

The special resolution was one of three that were fully backed by shareholders at the company’s recent AGM.

CEO Gary Allen said having extra capital during tough times is important to help to manage the business in responding to or anticipating opportunities in the environment.

Shareholders also approved a rule change that will enable a shareholder or connected parties to own up to 21% of the company, up from 10%.

The third special resolution will allow the RJRGLEANER Group to hold hybrid meetings using a mix of virtual and in-person attendance.

The RJRGLEANER Group ended the June first quarter 2020 with $1.5 million profit which was much lower than the $24 million earned a year earlier. The reduction was due in part to reduced advertising due to COVID-19.

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