No I think HC has and perhaps Twitter has less restrictions. ( I'll check with Elon )
CDY has questionably and without precedent included in the notice of the 7/9/18 GM a voting exclusion (page 5) power (not given by vote at the GM) to disregard selective voting on Resolution 1 (page 3).
This unilateral power, without our vote and with a lack of purpose and no real explanation sets in stone, the “company” (read the Board) right to exclude any vote it chooses of any party on Resolution 1, (i.e. the vote to confirm the remaining placement to 46 selected investors).
Is this power of the Board to disregard a vote on Resolution 1 with DB/LMIG in mind? It would, with a clear disregard for all shareholders rights, give the Board a very wide mandate to exclude from voting based on unknown directors’ “expectation” of any perceived future action by the unwanted shareholder(s) or “associate” (not defined but the Board would decide) who “will” it curiously says obtain a “material personal benefit” (also not defined).
What is going on here the market must wonder.
The company’s decision to disregard the vote of any shareholder could be made in private after the meeting. Note that the approval vote on the directors own placements is Resolution 2A, 2B & 2 C.
Any shareholder wishing to show their disquiet with either the above voting exclusion (page 5) or the set up of the directors in effect guaranteed placement (depending on your vote) to Eck, Halasz and Cross (see page 3), whilst other shareholders are left with crumbs, could protest vote AGAINST Resolutions 2A, 2B & 2C.
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David Bo$$
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Here is an interesting statement in the 31 July announcement. Not sure what is behind this ? Perhaps it is a standard clause.
Share Purchase Plan
The Directors may, in their absolute discretion, decide to issue to any person fewer shares than that person applied for under the SPP. Full details of the SPP will be released to the ASX on 31 July 2018 and mailed to eligible shareholders by 6 August 2018.
