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Ann: Chairman's Letter to Noteholders, page-116

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pbawley

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04/04/16

06:55

Post #: 17412582
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Originally posted by Last of the Mohicans ↑

@tdk2020

JC father is just one note holder.

They are in default in so much as they don't have the money to re-pay the noteholders who were meant to be paid out on 31st March. However the resolution put forward was to roll-over all notes until 31st March 2017 was it not?

Was that voted on? No

So technically they are not in default just yet.

If you or other noteholders wanted, you could have put forward a counter proposal to not adjourn the meeting (need at least 2 people, one to propose the motion, one to second it), this would then have been voted on, if you won the vote, the meeting would continue ........you then have the option of saying...................mr chairman I feel the meeting has gone on long enough ....... I believe its time to vote on the resolutions before us (if someone seconds that) then unless there is a counter proposal to continue the discussion longer, the vote will take place.

You need to be strong & determined & need someone prepared to back you up, to force the issue. I've done it at shareholders meeting. Many hands in favour, chairman wants to pass the motion, I refuse & request a proxy count, someone seconds it & chairman then has no choice but to do so.

Know you're rights & use them accordingly.

LOTM

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And so it looks like he has a month to muster something to bring back to the table:
- a sale to cover the notes, completed
- same with a deposit of some sort to cover notes
- a deal with EGI to issue new notes
- time to negotiate with negotiate with noteholders about the amendments

Again, not sayong any of this WILL happen, just that he has a month more than we thought he had...

AZZ Price at posting: 50.0¢ Sentiment: Hold Disclosure: Held
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