Ann: Imagion initiates leadership restructuring plan, page-16

The thing about IBX is that the share registry is highly fragmented. There is an avenue to bring about radical change but it requires a few dollars and a bit of effort to undertake a collective shareholder action to remove Bob and/or spill the board. It goes something like this.

A request is made to the company under s173 for a copy of the share register. This attracts a minimum fee of $250 (e.g. $1300 if there are 50,000 holders). Under s177(1A)(a) the information can be used to contact holders (say those with a 0.1%+ holding) for the purpose of getting holders to exercise their rights and consolidating the minimum 5% of voting rights required to call a meeting of the company under s249D with the purpose of considering a motion to remove/appoint director(s) under s203D. There's a bit of work to develop shareholder communications, to organise, and to find replacement director(s) if the board is spilled. Say a $10k exercise if the board is not spilled.

If the level of dissatisfaction is sufficiently high then the action would need say 40 holders with an average holding of around 0.15% and willing to contribute $250 towards an action fund.

Typically, removal of a director requires a simple majority.