Originally posted by MeToo
Re: The notice not being valid………….From my limited knowledge and as I mentioned previously the holders should have declared that they were acting as a group [[substantial holder]] via a form 603 notice of initial substantial holder ASX announcement declaring the total holding(s) and names. NOTE – I am not an insider.
If you can get the spill motion then you will have your chance, but time is/will be running out very quickly.
I look at it this way.
For over 2 years there has been little forward movement but lots of forward looking claims as to what they will do or are going to do or intend doing or are in the process of doing but very little actual delivery.
Based on a chronological view of the ASX announcements the s249D notice was lodged and acknowledged and within 24 hours there was a flurry of subsequent announcements to bring shareholders up to speed and to bring the company to account by locking in the 2018 AGM for the end of November 2018.
Irrespective of whether one thinks the content of the announcements were relevant, accurate or representative of the true state of affairs is immaterial at this point.
What is relevant is there is a nexus about to occur on the 30th November as it has been claimed that sufficient votes have been lodged to uphold a second strike and trigger a board spill resolution. The vote results for that spill resolution will determine the future path of the company and given shareholders have been locked in to the company for so long now it is this window of opportunity to decide their own fate.
If the s249D notice was the catalyst to get the company to this point then its job is essentially done, maybe not as intended but its general purpose has certainly achieved the result is sought and that is all that matters at this stage. You can all argue the semantics of the process or you can focus on the result, if I was a shareholder I would be very outcome focused so long as it is a compliant process and the current process is. compliant.
