PXU holders will pay, more specifically the trust will. They often try to combine it with the AGM to save money. Their are provisions for the requisitioning party to pay costs. That is the difference between 252D (req member pays) and 252B( RE pays using trusts assets).
With this meeting you can bet all three meetings are held on same day at same venue, one after the other. So costs arent too bad. Also by PXU paying costs they get total control over asx ann and mailout, they can push their agenda.
At least the last req was withdrawn before the mailout and no costs incurred. The extension has also helped buy time for the PXUPA buyback. Instead of Dec 2, they now have until Dec 21 a Saturday. So Friday 20th at latest. They said it may be earlier to create certainty.
Still dont see much point. PPX will certainly vote it down. This is heading to the courts. I see no other way unles PIGS just use it as leverage to negotiate a better conversion.
The only way to avoid court is to vote down the resolution. Then PPX dont need to veto the vote and the court doesn't need to rule on the absolute discretionary power of PPX. This is not out of the question. 75% for a special resolution is high. Especially when proxies will side with PPX.
If the buyback is completed this may also give PPX some votes, and if they have a big holder onside they wouuld easily defeat the resolution.
If holders decide they only have two choices, vote YES and go to court. Or vote NO and end it now, then the result might surprise.
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