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Proposed merger presents exciting future
The proposed merger between Powerstate Credit Union Ltd and Satisfac Direct Credit Union Ltd presents an exciting and unique opportunity to determine the future direction of our respective credit unions for many years to come. It is “exciting” because of the potential benefits that can accrue to members and the organisation generally, and “unique” because it offers the chance to be truly equal partners with equal say.
Members encouraged to vote for Merger
The Boards of both credit unions unanimously recommend the merger to you, our members, and encourage you to be involved in the voting process.
Shareholders eligible to vote have been posted (30th July) a pack from us containing a Member Information Document, a Notice of Special General Meeting, Proxy Voting Form and a reply paid envelope. We apologise about the amount of paper involved. It is still a legal requirement that you receive this information in hard copy format, so we had no option but to provide it, in full, in this manner. The information is important when considering how you will vote.
To vote, simply complete and return the Proxy voting form in the reply paid envelope or drop it into any of our branches (or fax it to 8231 9769). Alternatively, you can attend the Special General Meeting (SGM) and vote at that time. If you require another Proxy form, you can download a copy (pdf format) from here.
NOTE: If you cannot attend the SGM, your Proxy vote form must reach Satisfac Direct Credit Union Ltd by no later that 6pm Tuesday 25 August 2009 to be valid.
Satisfac’s SGM is scheduled for
Thursday 27 August 2009 - 6pm
Education Development Centre, Milner Street, Hindmarsh
At Satisfac, we believe it is important that you have a say in the future of your credit union. We have undertaken a robust due diligence process and believe there are benefits both member and business (as outlined in the Member Information Document)) that come from this merger. As such, we encourage you to vote in favour of the merger. As this is a special resolution, member approval for the merger will only be achieved if more than 75% of members voting are in favour of the merger.
Questions you may have -
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Why have I received a pack called a ‘Member Information Document’? |
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Every eligible member has been sent the Member Information Document (MID). This document details important things you should know about the merger, including information on benefits for members and staff, key dates and other details on the merger process. |
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Do I have to vote? |
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Members are encouraged to support the process by exercising their right to vote. Voting is not compulsory. |
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Who is entitled to vote? |
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Any person who is a shareholding member of Satisfac Direct Credit Union Ltd 7 days prior to the Notice of Special General Meeting being given is entitled to vote. |
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How can I vote? |
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You can vote by attending the Special General Meeting. If you cannot attend the Special General Meeting you may appoint a proxy to vote on your behalf. A Proxy Form is included in your mailing pack. |
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When does the voting take place? |
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Voting takes place on Thursday 27th August 2009 at 6.00pm at Education Development Centre, Milner Street, Hindmarsh SA. |
Q. |
Where can I get more information? |
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Refer to links below. |
Q. |
Can I get another copy of the MID? |
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A copy of the MID (pdf format) can be downloaded from here. In addition to this, a copy of the amended Constitution (pdf format) can be downloaded from here. |
Links to previously published materials -
Frequently Asked Questions
Letter from Chairperson
Press Release copy
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