Article : Mica Bira Agreement Approved
Date: Wednesday 14th August, 2019
For immediate release:
14th August 2019
Yesterday Mica members met in Staffordshire for their EGM, called to vote on the resolution to its constitution to bring the cooperative together with BIRA (the British Independent Retailers Association).
The meeting was held with an excellent turnout, well over the quorum requirement with several further members sending proxies as they were unable to attend.
Each resolution regarding the proposed investment by Bira in Mica DIY Ltd was passed after discussion unanimously by the attending & proxy voting members, meaning the agreement could proceed.
Following this the EGM continued with a discussion on how to make the best opportunities from the coming together of the two businesses, in the best spirit of cooperation, and then the paperwork being signed formerly by the Chairman Mr David Morris and Deputy Chair Mr John Dickey.
As such the agreement is now finalised and the investment complete. As per the press release of the 26th July 2019 \’Mica & Bira Proposed Merger\’ (https://micahardware.co.uk/news/2019-07-26/mica-and-bira-proposed-merger/) Mica is now a part of the Bira family of companies, while retaining its own board of directors, co-operative certification and limited company status.
All Mica members now become Bira members additionally and Mica member share investments in the cooperative will be converted to a new class of shares with equivilant value.
All existing Mica agreements with suppliers to the cooperative / membership continue unaffected and further updates will take place at Mica\’s AGM on Monday 23rd September 2019.
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