The Timber Trade Federation is holding an extraordinary meeting on November 3 to discuss its overdraft facility.
The Federation board agreed last year that, rather than sell any shares, any deficit carried forward from 2002 would be covered by an overdraft. The organisation’s Rules and Articles require that it has the approval of an EGM if the total overdraft facility might exceed 25% of net assets.
“We were therefore advised by our legal advisors that we should hold an EGM to provide cover should we need a temporary overdraft facility at the end of the year,” said director-general Paul Martin.
He explained that most of the Federation’s income came from subscriptions in the first few months of the year so it tended to be cash rich then and less so in November/December.
