We trust the following announcement clarifies the requisition for another meeting and MEC Resources' position on the requisition:
NOTICE RECEIVED UNDER SECTION 249F OF THE CORPORATIONS ACT FROM MR DAVID BREEZE AND ASSOCIATED ENTITIES, TRANDCORP PTY LTD AND GRANDBRIDGE LTD
MEC Resources Ltd (ACN 113 900 020) (Company) is aware of a notice issued to the Company’s shareholders today under Section 249F of the Corporations Act 2001 (Cth) (Corporations Act) (Notice).
The Notice has been issued by Mr David Breeze (former Managing Director of the Company) and associated entities, Trandcorp Pty Ltd and Grandbridge Ltd (ASX: GBA).
This is the third notice issued by Mr Breeze and his associated entities to requisition a meeting of the Company’s shareholders.
All resolutions in the Notice have been put to the Company’s shareholders for consideration at two previous meetings called by the requisitioning parties. In the circumstances, the Company is considering its legal options with respect to the Notice including whether the Notice has been issued for a proper purpose and whether the meeting should take place.
The Company considers that there is no utility in a meeting being held to again consider these resolutions. The Company believes that the meeting will simply distract it from its current efforts to improve performance and deliver shareholder value.
The following resolutions in the Notice were put to the Company’s shareholders at the extraordinary general meeting held on 16 February 2017, and were subsequently rejected as advised to the ASX on 16 February 2017:
|
Column 1 |
Column 2 |
Column 3 |
| 0 |
Resolution |
|
Result |
| 1 |
Resolution 1 |
Appointment of Thomas Fontaine as a Director |
Rejected - 57% of Company's voting shareholders voted against this resolution |
| 2 |
Resolution 2 |
Appointment of Anthony Huston as a Director |
Rejected - 57% of Company's voting Shareholders voted against this resolution |
| 3 |
Resolution 3 |
Appointment of Gregory Gilbert as a Director |
Rejected - 57% of Company's voting shareholders voted against this resolution |
The following resolutions in the Notice were put to the Company’s shareholders at the extraordinary general meeting held on 9 March 2017, and were subsequently rejected as advised to the ASX on 9 March 2017:
|
Column 1 |
Column 2 |
Column 3 |
| 0 |
Resolution |
|
Result |
| 1 |
Resolution 4 |
Removal of Mr Hock Goh as a Director |
Rejected - 86.38% of Company's voting shareholders voted against this resolution |
| 2 |
Resolution 5 |
Removal of Mr K O Yap as a Director |
Rejected - 86.37% of your Company's voting shareholders voted against this resolution |
| 3 |
Resolution 6 |
Removal of Ms Deborah Ambrosini as a Director |
Rejected - 88.15% of your Company's voting shareholders voted against this resolution |
| 4 |
Resolution 7 |
Removal of Mr Heng Yu as a Director |
Rejected - 86.36% of your Company's voting shareholders voted against this resolution |
The Board would like to reassure shareholders that the Company will take the necessary steps to ensure that your Company continues to move forward through the development of its assets.
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