2nd Strike, page-2

Probably a bit early to talk about the details, options and consequences of a 2nd strike other than it essentially is a 2nd vote against a specific resolution called the Remuneration Report at the Annual General Meeting (roughly late November / early December). This Remuneration Report outlines the fees and earnings the Company Directors derive from the company for discharging their duties as a Directors and sometime also as a Board Committee member and also sets the Remuneration Pool for the next 12 months.

A 1st strike occurred at the last AGM so the 2nd strike is when more than 25% of the shareholder votes are against the resolution and this triggers a board spill whereby the non-executive Directors are spilled from the Board and it triggers another resolution for voting of the new Board nominees, these can be the current incumbents restanding or new Directors standing for election and each nominee must secure at least 50% votes in favour to secure a seat on the Board for the tenure of typically 3 years.

There is a lot more to it and there are nuances and all sorts of twists and turns but that's it in a nutshell.