Rail approvals, page-43

I think I might let that question go through to others to respond to. I have commented in the past on that topic and most found my comments worse than sucking on a lime...


Suffice to say that approach is now probably too late as the voting numbers are against you in trying to displace the Board unless TIO support it and also you will need to have ready and willing replacements to stand for election to the Board that TIO would also need to support or it may fall in their favour as they may choose to nominate and secure their own candidates and claim they were merely responding to other shareholder demands and they were not the cause of the spill.

Remember they have the right to put at least 1 member on the Board as it is and I suspect that figure would now be 2 if not more given their holding. Also the Board of FMS has already had their first strike against them at the last AGM and a second strike this upcoming achieves the same result with far less effort.

To call an EGM requires 5% of eligible votes which should not be hard if FMS United wanted to take that path, or OCJ for that matter. If the intent of the EGM is to spill the Board there is a whole process around that and it can stretch to beyond 90 days from start to finish which puts you in early January at best given the time of year.

I sense a new approach (i.e. opportunity window) could emerge soon depending on TIO's intent with Balla Balla if they are going to take the toll-processing path rather than a merger.