Ann: Notice of General Meeting/Proxy Form, page-16

here here!
The process of the 249/203D has merit as there could be circumstances where a company's bod's are simply not performing or may not have the right mix of expertise and experience to progress a business plan. Enter the 249/203D to dislodge those issues where they do not voluntarily accept their shortcomings.
Recent events made it apparent that HVY's issues dislodged themselves via resignations. They didn't want to be here so they resigned/were pushed, whatever the case may be but a resignation is a resignation.
The proponents simply have no reason that sh's are aware of to support this hostile move.
Where this process is compelled against a company and its shareholders with no basis or justification it simply becomes a tool for disgruntled parties to create white noise in an attempt to damage reputations, remove sh confidence and ultimately becomes detrimental to the sp as appears to be the case here via a number of instruments.
The asx should (and perhaps does) monitor these actions to hold accountable those who use them unfairly especially when they are unwilling or unable to justify cause and have no basis for their injurious and prejudicial actions.
On the basis of no justification I would hope to see and expect a withdrawal notice. Further shame on the proponents should they proceed with this injustice.