A s249 spill notice would have a good chance of success. Those “loyal” sophisticated investors tend to be fickle, especially if there is a threat of a prolonged and public brawl between a large dissident group and the incumbents. It would be impossible to raise any funds or project finance while the battle plays out and the right thing for the board to do would be to step down.
Just beware of poison pills. Have any of the board or management positioned themselves around the asset?and consider the termination payments (a maximum of one year full pay multiplied by the number of execs).
The best time to lodge the notice is the last trading day before Christmas.
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