The board of RHG Group responded to the rejection of its buyback offer at a shareholder meeting yesterday by proposing an orderly realisation of the company's assets and wind up of the business  by no later than December 2012.Shareholders voted overwhelmingly against a motion put at yesterday's extraordinary general meeting that the company buy back its ordinary equity for 88 cents a share.Proxies were 18.4 million for the proposal and 123.3 million against. RHG chairman John Kinghorn did not vote his shares, nor did his son Geoffrey.Following the vote, the board announced it would pay all available net cash - 79 cents a share - as a fully franked dividend and call another extraordinary meeting to vote on a resolution that the company be wound up.Shareholders now have two meetings on the agenda. Earlier this month, a group of dissident shareholders requested a meeting to seek board changes. One of these shareholders, Wilson Asset Management chairman Geoff Wilson, said yesterday that his group would be meeting with shareholders to consider its position over the next few days.Wilson said the vote against the buyback, which was below an independent expert's valuation, and below the stock's trading range this year, was "phenomenal".He said the proposal outlined by the RHG board yesterday was "equitable for all shareholders"."The outcome is reflected in the jump in the share price following the meeting - the stock went up 23 cents to close at $1.28. This is a big result for shareholders who were prepared to take a stand."In the next few days we will work out where we go with this."