mot news in the age

Minnow in deep

DIRECTORS of media and technology minnow Motopia better hope they've got some friends in the British Virgin Islands.

The company meets on Thursday in Melbourne, when its biggest shareholder looks set to vote against the re-election of directors Gernot Abl and Michael Green.

That shareholder is Wendy Syme, who holds about 8.45 per cent of Motopia stock, issued to her when the company bought her marketing business cBox in 2009 (she later bought it back for $1).

Syme and her allies are likely to be opposed by interests associated with former director Frank Cannavo, who CBD last spotted exiting the board of Kazakh potash play Fortis Mining when Hong Kong mystery investor Madame Cheung came on the scene.

Shareholders were also to decide whether to ratify the appointment of Northern Territory barrister Raelene Webb, QC, as a director, but she resigned late last month after just two months on the board.

CBD understands the battle for Motopia was finely balanced ahead of the meeting. So on the day the deciding voice could be a company called Ace Dynasty Investments, of Road Town, Tortola, British Virgin Islands. Its potential ace in the hole: 40 million shares, which on the back of CBD's envelope represents 6.7 per cent of Motopia.

If the board survives this meeting, a further challenge lies ahead: Syme has called for an extraordinary meeting to tip out Abl, Green and Frank Vetrone and instead appoint her partner Jason Edwards, together with Thomas Burt and Gerard Monaghan.