Shareholder Action, page-62

 Read the posts around 4th January dealing with takeover provisions and the announcement of 27th November. One of the things that we were to vote on was this

Item 7 of section 611  deals with takeovers and the company put this in the announcement of 27th November. In other words we had to vote to allow this to happen

However that revolves around conversion not take over. We were to vote on

•  CR  and
• the conversion price of the new notes and
• item 7 of section 611 to allow shareholders to own more than 20%
• Other stuff probably. 

However I think they realised that no one would vote yes to the above and then who would do the expert report/

They do not need shareholder approval to call in the liquidators and hand the assets over to the note holders and it looks like that is what they are going to do as there has been no announcement regarding the AGM which was to be held by end of January and needed 28 days clear notice.

The have also not done a Quarterly Activities Report which is ominous as you couldn't do that without lying and then call in the liquidators.

The obviously don't care about not doing an AGM and why bother with the Listing rules when you are about to call in the liquidators

The Gandel loan ($2.1m) is due this month and going by the Cash Flow report there is no money to pay it

I will be honest and say I cannot understand how you think we do not need to remove this Board when we are only days away from possibly being taken over by the note holders.