Ann: Change of Director's Interest Notice - Hehir, page-32

Some shareholders or posters or both appear at times to not understand, don't do their own research or mislead regarding the 2 strikes rule.

Posters banging on about Sean and getting rid of him by using the 2 strike rule don't seem to understand that a spill will be about potentially everyone else on the board depending on the outcome of a subsequent spill meeting "excluding" him.

Highlighted a bit below to make it simple....he is essentially the MD.

What is the two strikes rule?

In summary, the two strikes rule is a staged process that works like this.

1. At its annual general meeting (AGM), the company must put a resolution to approve the remuneration report to shareholders. If more than 25 per cent of eligible shareholders vote against the resolution, the company receives a ‘first strike’.
2. At the following year’s AGM, the company must again put a resolution to approve the remuneration report to shareholders. If, in that year, more than 25 per cent of the eligible shareholders again vote against the resolution, the company receives a ‘second strike’.
3. If the company receives two consecutive ‘no’ votes on the remuneration report resolutions, then the company must immediately put to the AGM at which the second ‘no’ vote was cast a resolution to hold a spill meeting.
4. If the majority of those at the AGM eligible to vote on the spill resolution vote to support the spill resolution, then all board positions (except for the managing director) are declared vacant and become open for election, and a special meeting must then be held within 90 days of the spill resolution — the extraordinary general meeting (EGM).
5. The EGM will then consider whether to spill some or all of the board.

Each step has specific rules in relation to shareholder voting eligibility.