First of all, pursuant to Section 249(D)(1) the Director's of the Company must call and arrange to hold a General Meeting on the request of members with at least 5% of the votes that may be cast at the General Meeting.
Section 249(D)(2) The request must be in writing; and state any resolutions to be raised at the meeting and be signed by the members making the request and be given to the Company.
So the most important thing to do is to have a plan in place if and/or when the 5% is reached. If for example the group want to replace one Board member the group will have a replacement member they want to inject on to the Board.
There are occasions when negotiations occur prior to the meeting and things are sorted out without the meeting going ahead. I'd suggest that this would be more likely to occur if we're only attempting to replace one Director rather than spill the entire Board.
We really require one or two of the Top 20 holders to be on board to add weight to the application.
MGU Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
