i sold 40 000 000 opies todayfor $1 freeatlast, page-7

"Idiotic company and management."

They're actually being pragmatic; if anyone was idiotic is was the ones requesting it. As per the notice "The waiver is being made in direct response to material circulated to all shareholders by individual shareholders requesting the Company make the waiver application or it would issue a notice pursuant to section 249D of the Corporations Act requiring the Company to make the waiver application to the ASX."

i.e. if they debated it, it would just cost extra legal costs to real current shareholders analysing and fighting it.