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Ann: Change in substantial holding from MIN, page-35

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barneydigs

6,455 Posts.

1996

14/03/23

08:52

Post #: 66747301
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Originally posted by phx: ↑

MIN cannot vote on related party transactions.
They will control the vote on other issues.
However, they did that at 50%.
75% is the level needed for a special resolution.
A special resolution is normally used when a shareholder meeting is called that is not the AGM.

I hope this section is the most current, (If not there will be a new section basically the same)
CORPORATIONS ACT 2001 - SECT 224Voting by or on behalf of related party interested in proposed resolution(1) At a general meeting, a vote on a proposed resolution under this Division must not be cast (in any capacity) by or on behalf ofa)a related party of the public company to whom the resolution would permit a financial benefit to be given; or(b)an associate of such a related party.

A guide to related party transactions.
Regulatory Guide RG 76 Related party transactions (asic.gov.au)

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ok but MIN would not be a related party. It would not be MIN applying to delist NWE. It would be the NWE board applying to delist NWE. Yes the board installed by MIN which they can do with 50% control - but still the NWE board - not MIN.

NWE Price at posting: 6.4¢ Sentiment: Buy Disclosure: Held
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