No increase in substantial holding notified by BCP this morning...must be slowing right down.
You only need 5% or more of votes to call an EGM, this is what Michael Pope did.....
This is what his letter to the Directors of Nido looked like....
7 May 2013
"MEMBERS REQUEST FOR COMPANY TO CALL A GENERAL MEETING"
Dear Sirs,
We, the undersigned, being members of the company who collectively hold in excess of 5% of the votes that may be cast at a general meeting of the Company, hereby request the directors call a meeting of the company to consider and if sought fit pass the following resolutions:
Resolution 1: “That for the purposes of ASX Listing Rule 10.17, Rule 37(a) of the constitution of the Company and for all other purposes, the total aggregate sum of fees payable to Non-Executive Directors as remuneration for their services be set at $275,000 per annum with effect from the close of this extraordinary general meeting.”
Resolution 2: “That Mr Phillip Byrne be removed as a director of the Company with effect from the close of this extraordinary general meeting.”
Resolution 3: “That Mr Michael Ollis be removed as a director of the Company with effect from the close of this extraordinary general meeting.”
Resolution 4: “That Mr William Bloking be removed as a director of the Company with effect from the close of this extraordinary general meeting.”
Resolution 5: “That Mr Michael Pope who offers himself for election, be elected as a director with effect from the close of this extraordinary general meeting.” Resolution 5 is to be conditional upon Mr Pope not already holding office as a director of the company.
I wonder whether the people that didn't bother to vote in that election, and who resultantly thus handed their vote to the chairman to vote in whatever manner he thought fit, would ignore the vote again?
Michael had some pretty good resolutions outlined in that letter, and no doubt there'd be more shareholders who think that now in retrospect.
NDO Price at posting:
5.4¢ Sentiment: Hold Disclosure: Held
