Tay was re-elected at the last AGM under resolution no 4.
Under the company's constitution,it is a requirement that one third of the directors must retire and become eligible for re-election. The directors to retire must be those that have been in office for 3 years since their appointment or re-election or those who have been in office the longest since their last re-appointment.
With the "retirement" of OH and Revell this mean't that the next directors to be elligible for re-election would be Ms Sun XiaoDong and Terry Gygar. The following is a quote from the chairmans letter in the 2011 annual report "..... there has been another requisition from shareholders who are supporters of Mr Tay and are seeking my removal as a director of the Company. The underlying reason for this action is for not supporting the reinstatement of Mr Tay as an executive director, which neither Mr Revell nor I support."
The actual requisition called for the removal of Oh and Revell only because this paved the way for the remaining directors ,Sun & Gygar to be up for re-election leaving Tay safe as he had been re-elected at the previous AGM.
If Sun,Gygar,Carson and Koncepolski are succesful in their appointments this will mean that Tay must nominate himself for re-elction at the next AGM.
I look forward to voting at that meeting.
DMA Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
