Why did nib close verifications for unverified policyholders?
Under the terms of the nib Overseas Policyholders and Unverified Policyholders Trust that holds the shares, on the third anniversary of the company’s listing, 1 October 2010, or as soon as reasonably practical, the Trustee must dispose of all Trust property in such a manner as directed by the nib Board. The Board has recommended to shareholders the cancellation of the shares held by the Trustee for nil consideration. The Board will seek approval of such a selective capital reduction at nib’s 2010 Annual General Meeting to be held on 26 October 2010. Has nib attempted to contact the Unverified Policyholders? Yes. Over the past three years, nib has attempted to contact eligible policyholders on numerous occasions to remind them to verify their details, including by way of written correspondence, placing advertisements in major newspapers, announcements made to the ASX and reminding policyholders when they contact our Customer Care Centre. Who was eligible for nib shares? All nib Policyho
