have areva lost their blocking minority?, page-3

Hi lezkapera,

after having been banned for a week I still find myself doggedly interested in the question wether AREVA have lost their blocking minority by the RI. I might be wrong but I've found a PDF file on that issue concerning Shareholder voting rights in Australia:

"Shareholder voting rights

5%
Can requisition an Annual General Meeting.

10.1%
Can block compulsory acquisitions under sections 661/664 of the Corporations Act 2001 (see below).

25.1%
Can veto special resolutions in general meeting, including:

- adoption or alteration of Constitution
- change of name
- change of company type
- selective reduction of share capital
- selective buy back of shares
- provision of financial assistance
- variation of class rights where no Constitution exists
- resolution to wind up the company voluntarily.

50.1%
Can veto or pass ordinary resolutions in general meeting, including:

- remove directors from board
- authorise a final dividend
- authorise capitalisation of reserves
- approve transaction with connected party
- removal of auditor prior to the expiry of his term.

Note the distinction between a simple majority (50.1% of those present)
and an absolute majority (50.1% of those entitled to vote).

75%
Can pass special resolutions in general meeting (see above)."


If above mentioned is the legal base AREVA's stake of 10,34% is likely to fall below the 10.1%-line by the dilution of the RI, even if they participate with 1:16. In order to receive back their blocking minority AREVA are obliged to buy a few more shares, either over the market or for instance particially from SHD's stake.

We will see AREVA's reaction, if any.

Regards
LOWCUST

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Source is http://www.swaab.com.au

Quick view on the PDF:
http://docs.google.com/viewer?a=v&q=cache:Bp46UVG9v2UJ:www.swaab.com.au/publications/Introduction%2520to%2520Public%2520Company%2520Acquisitions%2520-%25202008.pdf+Shareholder+voting+rights&hl=en&pid=bl&srcid=ADGEESgbLhSgx-O-oMmLIpacQKuJfhb3ReSTJJc2PZLLHbBwTdfZARVufPFDVnW3-fUMnSxeCCnApDcoKJkHhHXS1AR3lHbc8Pa4Eo-ZQcZYgceRfvJuB0F1VSH0_QJQzfuF8Cc9-O92&sig=AHIEtbSliv5MrOpxPvje_G0QbnhhRBkWLQ