Ann: Receipt of Shareholder requisition notice, page-9

The pursuit of a board spill under a Requisition Notice is sometimes used as a strategic mechanism by opportunistic shareholders to make a play at assuming control of a company without making a takeover offer to purchase shares. However, despite a relatively low threshold of shareholders representing 5% of votes being required for the procurement of the requisition meeting, shares representing at least 50% of eligible votes must be voted in favour of the respective resolutions for the removal and appointment of directors to be effected.