Ann: Requisition of Meeting under s249D of the Corporations Act, page-33

I received the GERD letter and now I’m even more confused about the specifics of their complaint.  They mainly seem bothered about unspecified issues the former management and board….though don’t really outline what those complaints are.  Current board seems to have excellent business credentials.

 

On the other hand I was shocked that they did not dispute any of the facts provided by the current management….so they think its ok to appoint Magnus’ son without any qualifications to the board, have a representative with unresolved accusations of financial crimes represent them, then ask other shareholders to pay for his business class flight to Sydney to boot!  Can't help but feel they are "talking out both sides of their mouth".

 

Have to say I am torn about this GERD attempted take-over.  On one hand it seems they are ok for the company to pay for business class flights for shareholders to Sydney, this would be good for me. On the other hand this will clearly bankrupt the company, this would be bad for me…..

 

Going to dig into the proposed individuals a bit more, if they are closely associated I’ve seen that play lots, put in a bit of money, claim alignment with all shareholders, take the board, gradually bleed the company through directors fees and issuing stock within the group.