Notice to Remove Director - Corps Act, page-59

First 59 Last

Share
Profile

Follow
BT6487

786 Posts.

154

01/11/18

10:15

Post #: 36346987
Share

Originally posted by clacko888 ↑

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.
Given the huge support from shareholders for the proposed resolution, I today (as promised) have served the s.249D notice on the company. The content of the message accompanying the notice is as follows:

Mr T Cuthbertson

Chairman

AUSTPAC RESOURCES N.L.

I have been authorised by 33 members of the company to serve the attached notice.

The notice calls for a General Meeting of APG to move the following resolution:

“That, pursuant to section 203D of the Corporations Act, Mr Michael Turbott be removed as a director of the Company effective immediately on the passing of this resolution and that the Company seek an appropriately qualified person as a replacement director.”

The members moving the resolution hold 397 million of the issued ordinary shares of APG.

This represents approximately 17.5% of the company’s issued shares.

If there would be value in holding discussions with 2 or 3 representatives of the members moving the resolution, this can be arranged.
Members supporting the resolution have confidence that the issues prompting the resolution can be resolved in the interests of all concerned. However given the calamitous decline in the company’s share price post the Bergen note issues and the failure to conclude commercial agreements (to secure ongoing funding), you will understand that there is a high level of dissatisfaction and disquiet with the company’s management.

Yours sincerely

Robert Claxton

Expand

Good work Clack. The share price has been declining since way before the Bergen deal. Something had to be done to stop the rot

APG Price at posting: 0.2¢ Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

ENV

Anteris Tech eyes US market liquidity with early-stage NASDAQ IPO paperwork

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

There are more pages in this discussion • 67 more messages in this thread...

First 59 Last

Add APG (ASX) to my watchlist

Notice to Remove Director - Corps Act, page-59

Top Stories

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Anteris Tech eyes US market liquidity with early-stage NASDAQ IPO paperwork

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Featured News