Ann: Requisition for Shareholders Meeting to Rest, page-109

re: Ann: Requisition for Shareholders Meeting... What?s all the fuss about? Tctc and OilGeo are both right, the board are only obliged to call an EGM and put it to a vote. That?s it- put the three resolutions to a vote, where all shareholders, big and small, can have their say on the matter. The Requisitioning Shareholders hold a total 9% - No where near enough to sway an outcome. But here?s the strange thing ? the board decide to accept 2 of the proposed 3 resolutions, without putting it to a vote. Ted Ellyard and Richard O?Shannassy step down. Why? Is it fear that they wouldn?t survive a vote. Then why is the board confident Dennis Wilkins will survive. I think there are other agendas at play here and it?s not those of the Requisitioning Shareholders.
The first announcement may provide some clues. Ted mentions:-

?Both Richard O?Shannassy and I have decided to step down as Directors of the Company to facilitate a change to the Board largely in line with the wishes of the Requisitioning Shareholders, and also some other large shareholders, who collectively have indicated that they will support future capital raisings in the Company.?

?Some other large shareholders? ? who are they? Why is the board talking to them? What demands are they making? At least we know what the Requisitioning Shareholder group wants. Like it or not, it?s out there for you to decide and ultimately vote on.

The announcement also states:-

?Additionally, the Board will be earnestly considering other potential candidates with relevant experience and would welcome suggestions from other shareholders.?

The board obviously has other plans- The two chaps the Requisitioning Shareholders are putting up have no chance if the board doesn?t approve of them. The board may already have other candidates with ?relevant experience? ? I doubt that Ted and Richard plan to step down without that being the case. Who knows these board anointed candidates may be chosen by ?Some other large shareholders?.

Ultimately this process may be a blessing in disguise; it looks as though Ted and Richard wanted to move on. It?s now up to the majority to decide who replaces them.