Ann: Chairman's Letter to Shareholders, page-144

From the following article:
www.mallesons.com/Documents/Directions_2013_Final.pdf

"As at 6 February 2013, two spill meetings
had been held – one by Penrice Soda
Holdings Limited (Penrice) and one by
Globe International Limited (Globe).32
At the Penrice spill meeting, five candidates
stood for election to the board of Penrice,
including two spilled directors and three
new candidates. Interestingly, only the
spilled directors were (re)elected. The three
new candidates had been nominated by
an activist shareholder of Penrice who had
previously requisitioned two extraordinary
general meetings to remove incumbent
32 All descriptions relating to events affecting companies are
based on publicly available information.
directors (one of which was withdrawn
and one of which was unsuccessful). The
Chairman of Penrice published a statement
following the spill meeting commenting
that “In the aftermath of this failed ….
process … I will not tolerate any more
of the behaviour they have displayed
to date … If they now choose to be
constructive and forward looking,
well and good. Otherwise they might
consider selling their shares …”.

So what we'll have is a lot of kerfuffle for no real change to that already proposed by KAR. The buy/shorter gains time to do their business until normality is restored post the 2-strikes play. Maybe the regulator should look into those long CFDs struck before the AGM to sniff out who's covering.