ASX regs dictate that when there is a special resolution to be voted upon, which is this vote to award 70M shares to the ex-chairperson, 21 days notice must be given to votees.
Sholom specifically stated that the AGM would be in November when this resolution was 'expected' to be raised.
Time is up !
Now, the options remaining are that (1) the AGM goes ahead for November with the usual 14 days notice, in which case that resolution is off the table.
(2) The AGM gets moved to December to enable the same resolution to be carried forward to then, in which case it was incorrect to have announced a November agm.
That's all I can think of - anyone else know what other options are left ?
In the above announcement on her 'retirement' it specifically states that she has elected to be compensated for AGMPL's so-called 'services' by the issuing of 70M shares via a shareholder vote. So, as the ASX (and the Market) have been informed that this was her chosen (elected) swan-song, I don't think that can be changed.
Retirement, as well as termination of the AGMPL contract occurred 2 months into the new FY.
the Market has not been made privvy to the specifics of the contract, it doesn't appear that any notice period was given for termination of it's 'arrangements', and if a cash-value of those 70M shares was to be attached (at the time of the ann, sale value was $0.004) then we'd be looking at $280,000 for TWO MONTHS OF SERVICES PROVIDED !
REALLY ??
Look, if I had contracted a company (related or not) for services to my business and they terminated the contract - there isn't a chance in hell I'd 'compensate' them.
Furthermore, to date, their 'services' haven't been replaced by anyone else which begs the question if those 'services' (reminding that this is a 'related entity') were even necessary in the first place.
Ok, every/most business needs supporting services to function so I'd wonder if AGMPL will be re-invented inder another name or another 'related entity' suddenly appears.
In the meantime, I guess Sholom & Co will just have to put their pinnies and rubber gloves on, take the vacuum out of the cupboard, grab the feather dusters and get to work cleaning the office instead of cleaning out shareholders....
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