It's all a bit of a joke getting RMA shareholders to approve the new share issue, the single largest shareholder in RMA is Movies Online with over 50% at the moment.
Two of the four directors of MOL are Directors of RMA, JK and AMac. MOL is not going to have a shareholders meeting, it's all going to be done at board level.
I suspect that at least one of the other two Directors would vote yes, all motions put forward by the board of RMA will be carried by MOL voting.
Is this not a abuse of the 'conflict of interest' provisions in the Company Laws? We have directors in a company putting forward a motion which has to put to shareholders and they would before hand know the results of the motion because they are controlling the largest shareholding.
RMA Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
