Originally posted by clacko888
There is a process to be followed to remove a director.
To require a company to put a resolution to members to remove a director requires shareholders who in aggregate hold at least 5% by value of the total ordinary shares on issue to sign the notice. The company has up to 2 months to call a meeting.
Time is running out if such a notice is to be served on APG ahead of its AGM - notice at least 21 days before the AGM is required if the company is to put to the motion to shareholders at the AGM.
A suitable motion can be framed quickly if there is genuine interest. Please advise.
All well and good to force MT out, and I certainly have no disagreement with the sentiment.
What worries me is the potential poison pill sitting on the balance sheet with some $763,000 payable in employee benefits. How much of that is MT, and how much is due and payable when he leaves.
And where would the cash come from to pay him out. I don't see it sitting anywhere on the balance sheet. So forcing him out and creating an immediate cash liability may be the final straw from which no new Director, no matter how good, can recover.
