When the flag drops the BS stops

Redflex shareholders give the Scheme of Arrangement the red light

Investment giants Macquarie and Carlyle suffered an embarrassing public defeat this morning when their $300 million takeover of traffic camera group Redflex died in a collision with legal requirements that 75 per cent of voting shareholders support it..

..Shell-shocked investment bankers, along with Redflex executives and directors, milled around at the end of the meeting in central Melbourne which, in spite of its outcome, had almost no debate on the floor.