Ann: Extension of time to hold AGM, page-85

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flyboy77

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04/01/19

23:45

Post #: 37029969
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Originally posted by D1326 ↑

On 27th November in the last announcement.

"It is a condition of both the Term Sheet and the Convertible Note Agreement that the Company obtain shareholder approval at a general meeting for the purpose of item 7 of section 611 of the Corporations Act"

Chapter 6 of the Corporations Act deals with takeovers and item 7 of s611 deals with an acquisition approved by a resolution of the company.

We are all waiting on the announcement and I find it hard to believe that anyone would vote yes and hence I cannot understand why the company are even bothering with the vote......however they are up to something.
Maybe they think we are all stupid and will vote yes if they tell us to and thereby hand the company over to the note holders

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I had missed that D1326. more tomorrow post sleep....

https://download.asic.gov.au/media/3336175/rg74-published-25-august-2015.pdf

Item 7 of s611 (item 7) of the Corporations Act 2001 (Corporations Act) allows members to approve an acquisition of relevant interests in voting shares that would otherwise contravene the prohibitions in s606. Item 7 contains disclosure requirements to ensure that members are able to make an informed decision about whether or not to approve the acquisition. The voting restrictions ensure that only members who are not associated with the parties to the transaction are able to vote in favour of the proposal.

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CTL Price at posting: 0.9¢ Sentiment: None Disclosure: Held
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Ann: Extension of time to hold AGM, page-85

Top Stories

Breaking news: New opportunities for investors & companies - HotCopper opens to capital raising!

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up