Ann: Company Update, page-44

A similar case study to consider:

Baraka Energy (BKP), now known as Global Vanadium Limited (GLV), received a 249D notice from shareholders on 14 June 2018. The request was for 3 current directors to resign, and appoint 3 new directors.

On 28 June 2018, the current directors carry out a CR for 50mil shares at a third of the SP at the time.

On 4 July 2018, the current directors call a notice of general meeting for 10 August 2018, and recommend shareholders vote against all resolutions. 

On 2 August 2018, the Australian Government Takeovers Panel issue a notice stating they have received an application from the 249D applicant regarding the unacceptable circumstances arising from heavily discounted placements to friendly shareholders, but the panel advised on 8 August 2018 that they decline to conduct proceedings.

On 9 August 2018, directors produce ann and venture update in an act of desperation.

Trading Halt on 9 August 2018.

The planned general meeting on 10 August 2018 did not proceed as both parties held a meeting prior to carry out a "peaceful" transition of power: 3 current directors resigned, and 3 new directors were sworn in.

*The previous directors had the option to raise up to 15% of additional facility available (approx 397mil shares), but was only able to raise 50mil..... Similar thought for EMP with the facility available: 242mil shares able to be issued, will cost $242,000 if at 0.1 cents, $484,000 if at 0.2 cents, and $726,000 if at 0.3 cents. Whether friend or foe, I don't think any investor would want to take part in such a raise prior to the meeting on 2 April 2019.