I think this covers it?
The composition of the Optiscan Board moving forward is entirely in the hands of shareholders.
The Board presently comprises Directors Hoffman, Francis, Griffiths, Currie and Mann.
We (that is, Peter Delaney, Archie Fraser and Ian Mann) are seeking to have removed from the Board Directors Hoffman, Francis, Griffiths and Currie, and have elected to the Board Archie Fraser and Ron Grey.
As such, if all the resolutions we have requested are successful, the Board moving forward will comprise Messrs Mann, Fraser and Grey.
On the other hand, the Bell-Potter Shareholders have requested resolutions seeking the removal of Ian Mann and the election to the Board of Darren Lurie and Graeme Mutton.
As such, if all the resolutions the Bell-Potter Shareholders have requested are successful, the Board moving forward will on the face of it comprise current Directors Hoffman, Francis, Griffiths and Currie, and new Directors Lurie and Mutton.
However, we have been advised by one of the Bell-Potter Shareholders that the Bell-Potter Shareholders do not support any of the current Directors on the Board other than Philip Currie, and will also be voting for the removal of Directors Hoffman, Francis and Griffiths.
That being the case, the Board of Optiscan moving forward will comprise Currie, Lurie and Mutton.
The other matter entirely in the hands of shareholders is the composition of Optiscan’s Senior Management Team moving forward.
This is because the Senior Management Team have each provided letters of resignation that we see them finish up with Optiscan shortly.
However, each of the Senior Management Team members has advised that they would be willing to withdraw their resignations if – and only if – the Board moving forward comprises Messrs Mann, Fraser and Grey – that is to say, the Optiscan Board that we are seeking.
Any such withdrawals will, of course, be accepted by these Board members.
As such, if shareholders vote for a Board comprising Messrs Delaney, Fraser and Mann, they will also be voting to retain the Senior Management Team.
So if shareholders want the senior management team to remain? then the only possible way that can happen is if they vote for the Mann Fraser Grey board, that is my understanding?
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