Ann: AHF Strategy Overview Presentation, page-75

Agree with most of what you say. The sequence will be:
AGM resolution for the adoption of the remuneration report if 25% or greater and is a "second strike"
If the 50% of the of the shareholders subsequently are in favour of a spill then
there is to be a "Spill meeting" to be held within 90days and all positions are up for re-election
NOTE The managing director and any directors appointed SINCE the report was approved by the board do not need to be put up for re-election.

There are a lot of other considerations if the SH go down this path. Suggest you invite ASX?ASIC to be in attendance.