The Australian Securities and Investments Commission (ASIC) have approved the bcu AGM being deferred until February 2020.
If members vote in favour of the proposed merger it is possible that the merger could be completed before the AGM is due to be held, which would result in unnecessary expense being incurred and redundant processes being instigated if normal AGM timelines were adopted.
If the merger does not proceed, the ASIC extension allows the additional time necessary to convene the AGM in the usual way by the end of February 2020. A call for the nomination of directors will be made ahead of the 2020 AGM, as necessary.
bcu's 2019 financial report will still be lodged with ASIC within the statutory time period and published on the bcu website two weeks before members meet to vote on the merger.
bcu's auditors (BDO) will make themselves available to members to address any questions in relation to bcu’s 2019 financial report. Further details relating to this will be communicated in the Notice of the Meeting to vote on the merger.