Brickworks meeting delayed

Independent board postpones meeting to be convened by Carnegie, Perpetual.

The independent board committee of Brickworks (BKW) has delayed a meeting to be convened by M.H. Carnegie & Co Pty Ltd (Carnegie) and Perpetual Investment Management Ltd (Perpetual).

In a statement to the Australian Securities Exchange from Carnegie and Perpetual, it was said the decision to postpone the November 25 meeting was made at the request of the  independent board committee, with the rescheduled meeting not to take place before December 10.

The precise date and time will be released shortly, pending further consultation with the independent board committee, Carnegie and Pepertual said in the statement.

"Over the past week, at the request of the Brickworks independent board committee, Carnegie and Perpetual Investments have had meetings to discuss their proposals with Grant Samuel, the independent expert appointed by the independent board committee to review their proposals," the statement said.

"Carnegie and Perpetual Investments will continue to assist Grant Samuel in any way they can (without compromising their independence) to advance their consideration of the proposals as quickly as possible.

"However, at this time, Grant Samuel's work is not yet complete.

The meeting is set to consider a number of proposals aimed at unlocking significant unrealised value within Brickworks and Washington H Soul Pattinson & Company Limited, as well as the appointment of an independent director to the Brickworks board.

Carnegie and Perpetual Investments have agreed to support the postponement of the meeting, the statement said.