just find this article, so i did check ALB story to learn from it = what a scam!!and i really feel AU investors pain here
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It pays to shop around
When it comes to cutting-edge mergers and acquisitions strategy, the mighty Albidon is without peer. Rather than fussing about with our silly old Australian rules, Albidon Limited has simply gone jurisdiction shopping in the Caribbean. And why not?
Here is a company listed on the Australian Stock Exchange, with operations in Zambia, now subject to a takeover by a Chinese company based in Hong Kong whose major shareholder is registered in the British Virgin Islands.
It makes sense, for in the BVI a major shareholder is allowed to vote its shares. In sunny Tortola, moreover, a statutory merger only needs a 50 per cent vote of approval.
Although Albidon last changed hands at 8¢, and the takeover bid is pitched at just ''$US0.0025'', this would seem to be quite the done deal. The major shareholder already owns 49.93 per cent and only has to get to 50 per cent to take control in the BVI.
This 50 per cent approval is the way to go. Under the annoying Australian regime, a scheme of arrangement requires a 75 per cent vote.
Do we detect a trend? Is it the ''not bothering'' trend? We hear that the abysmal Compass Resources did not bother to have an annual meeting in 2012. It didn't bother to get an exemption from the regulator either. Simply didn't bother with that tawdry Section 250N of the Corps Act.
http://www.smh.com.au/business/empire-strikes-back-to-shred-butterflies-by-law-20130405-2hc75.html#ixzz2Ru7v8MmI
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