Ann: Sale of 5GN Business and Capital Return, page-65

"why a Special Meeting needs to be called to remove the Chairman immediately"

The issue is:

a) To call an EGM under provision 249D of the corporations act you need the support of members holding more than 5% of the voting capital
b) Even though JD probably can't vote his shares - you'd still need to get more than 50% of shareholders to kill the deal - I don't think there are anywhere near enough retail investors for this to succeed
c) JD is hedging his bets by having his mates take positions (Tecktonic) for this and any eventual shareholder votes

Unless some interested legal group have an interest in picking up a class action - I don't think there's any real pathway here.

I think even if you upped the $$ amount from $500K cash plus taking on the liabilities I think they'd find a way to still take the lower amount.

The other option would be to try to work with someone like Nicholas Bolton from Keybridge who probably has a bit of an ax to grind and probably if he was to take a position and make a competing offer would make JD's life more difficult. It might drive the share price up in the very short term but would be unlikely to unlock shareholder value in the longer term.