'Under section 249D of the Corporations Act, the Directors must call and arrange to hold a general meeting on the request of members with at least 5% of the votes that may be cast at the general meeting. Directors must call the meeting within 21 days after the request is given to the company, and the meeting is to be held not later than 2 months after the notice of request has been received.'
So, what does that mean!!
It means that the BoD has until Friday 16/3 in which to call the EGM; or to put it another way, it can drag the matter out for 3 weeks.
Why hasn't it called the meeting already?
In discussions with the protagonists?
Not in discussions with them? Instead, trying to drum up support? Buying more shares, not the Ds as such, but Mr Fotios and his mates ie buying time!
I hope that they resolve the matter quickly. I also hope that we see new blood on the Board. The strong voting resistance to the Performance Rights was a harbinger to change. There was palpable dis-satisfaction with the Board members back then, now it has manifested again with the spill move.
Come on bods, get a move on!!
Karl Simich is still giggling I reckon!!
AUR Price at posting:
5.0¢ Sentiment: None Disclosure: Held
