By James Wells
BRISBANE: Betta Stores Limited shareholders have voted overwhelmingly to change the group’s constitution, removing restrictions which the company claims were inhibiting its growth.
Over 90 per cent of BSL shareholders approved a raft of changes proposed during the group’s recent Annual General Meeting including removing the 7.5 per cent maximum shareholding cap and extinguishing all rights attached to ‘retailer shares’. BSL has also removed the need for a retailer majority on the board, making the group more open to expert directors from outside the company in the future.
“The board saw these restrictions as inhibiting BSL’s ability to attract fresh capital and continue to grow. The removal of such will now allow us to realise the overall vision of the company as set out by the board,” said BSL chief executive officer, Guy Houghton.
The BSL board has also announced the commencement date for the roll-out of its BSL-Wholesale initiative (formerly known as BSL-D), with the first store scheduled for launch in March. More stores will follow before June, and the company expects to bring five stores under the new buying regime per month after July.
“BSL-W will give our customers a consistent offer, a retail store in which they wish to shop and certainty that if we advertise a product then it will be available in our stores – none of which we can offer today,” said Houghton.