Village show runs off road

Village Roadshow's shares dipped 9.8 per cent yesterday as shareholders rejected its $360 million preference shares buyback plan for the second time. Village Roadshow's shares fell to $1.74 following a trading halt and analysts say investors may pound the stock further. The majority of the “against” vote on the buyback plan is believed to have again come from a mystery German company. Its intentions on the stock are unknown. Village's directors said the buyback may still go ahead. They will appeal a December court decision that required the company to accept votes from preference shareholders as well as ordinary shareholders.

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