Ann: Notice of Meeting - EGM , page-13

An interesting story has been unfolded by putting together the announcements in the past 6 months:

1. 09/2010: the Shareholders have voted against XinHua Steel for its offer of 40 million shares at 16c plus FREE share options of 20 million;

2. 10/2010: the Board has approved a 13 million share placement to XinHua Steel amounts 15% of the total issuance, and made XinHua Steel the single largest shareholder;

3. 01/2011: Ms. XiaoDong Sun (Representative from Xinhua Steel) has been appointed as a director;

4. 01/2011: Mr. Lewis Tay has been removed by the Board as an executive director;

5. 02/2011: EGM was called by non-executive director Mr. Lewis Tay to reconstruct the board.

Comment: its pretty obvious that a Chinese Steel company has made the attempt to take control of DMA at a bargain price. The shareholders have voted against the deal. However, majority of the Board still favours the offer and decided to welcome the Chinese at a low price. As soon as the Chinese got involved in DMA Board, they decided to kick out the director who has been against them all along. As a result, Mr. Tay was out and hence called for the EGM.


Very excited to make this discovery last night and thought it should be shared on this forum. Everybody, the battled has started. Lets sit back and enjoy the show on DMA!