Please feel free to correct me if I am wrong, BUT I was of the opinion that the recent s.249D weeting was confined to the removal and replacement of certain directors.
I do NOT recall seeing any resolution on the agenda where the Board of Directors were expressly seeking a mandate from the shareholders to;
1. implement a capital raising strategy aimed at a low-risk drilling programme with the objective of potentially tripling our gas reserves by the time the NGP becomes operational;
2. negotiate a mutually acceptable pathway with our Mereenie joint venturer, Macquarie, to effectively commercialise the Mereenie gas reserves; and
3. put in the necessary corporate effort to facilitate the nationally necessary pipeline reforms focussing on tariffs and capacity.
The vote at the EGM gave the board the mandate sought.
At that meeting 64% of the vote confirmed the board, with 53% of total shares on issue voting.
[ENDS]
I do not recall seeing any such request for a mandate ? please feel free to draw my attention to the express location prior to the s.249D meeting where such mandate was alleged to have been requested.
CB
The recently released Quarterly Report says at page 3 of 12
"On 19 July 2017, an extraordinary general meeting (“EGM”) was requisitioned under Section 249D to replace the Board. The Board sought a mandate from its shareholders at that meeting to: 1. implement a capital raising strategy aimed at a low-risk drilling programme with the objective of potentially tripling our gas reserves by the time the NGP becomes operational; 2. negotiate a mutually acceptable pathway with our Mereenie joint venturer, Macquarie, to effectively commercialise the Mereenie gas reserves; and 3. put in the necessary corporate effort to facilitate the nationally necessary pipeline reforms focussing on tariffs and capacity. The vote at the EGM gave the board the mandate sought. At that meeting 64% of the vote confirmed the board, with 53% of total shares on issue voting".
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