ONE of the fastest extraordinary general meetings took place in Dublin yesterday, when the Bula board adjourned its e.g.m. without discussing a single item.

Lasting all of 30 seconds, the meeting had been called so that shareholders could try to discuss how to dismiss two of its Russian directors.

However, two weeks ago the Bula board agreed an £8 million settlement with the dissident directors, who have agreed to renounce all litigation in a row over shares in Russia Corporation, a former partner of Bula in Russia.

Around 25 shareholders duly turned up for yesterday's meeting, the third such called to try to resolve the issue. The settlement rendered the meeting redundant, according to the Bula directors.

Shareholders were merely handed a press release, detailing the settlement. Clearly surprised at the brevity of the meeting, several just laughed.

Its unexpected end did not seem to upset them. Afterwards one shareholder said she was glad it was all over. She hoped the company would now be able to get back to the serious business of providing shareholder value.

The company intends to combine the next e.g.m., which will be asked to approve the removal of the directors and the agreement, with its annual meeting in early August.