From DJM The focus needs to be wholly on the 5% to force an EGM....

From DJM

The focus needs to be wholly on the 5% to force an EGM. The votes for the Consolidation would have already been assured and the BOD wont be too bothered with people trying to get a no vote going. they couldnt care less.
What they wont want is a shareholder group calling an EGM and forcing motions to be put to a vote and aired in public.
If the consolidation is above board and commercial then there should'nt be anything to worry about but the lack of transparency and information about it is disturbing along with the makeup of the Board comprised of lawyers and Moneymen. Also the sheer size of a 100:1 consolidation raises alarm bells for even the most positive shareholders.
An email address should be set up that shareholders can give their details and holding numbers so a true indication of the share block can be ascertained.
When there are firm committments from shareholders and a good size block is represented, say 5-10% then you have some leverage to pressure the BOD.
What shareholders are fearing is that the consolidation goes through and shares are reduced to 33 million. Then the BOD announces a $10 million raise at 25 cents and issues 40 million new shares to sophs and director associates. The company then has these guys at 55% of the company and existing shareholders are diluted. Total control of the company is then passed to this new group and the BOD is left unchecked.
Then miraculously great news flows and the shares appreciate and the big money is made by the guys that were slotted in.
This is what existing shareholders fear and rightly so . They should write to the BOD as a block and put them on notice that they are concerned that this is the undisclosed plan and if it does come to pass then a class action would follow as its simply a scheme to benefit a new set of shareholders at the expense of the loyal long term existing ones.
ASX and ASIC should also receive a copy of the letter and put them in the loop that a big parcel of shareholders believe that games are afoot and will be defending their position strenuously.
If the BOD then do go down that path the shareholders are already set with names and shareholdings and can be very quick in launching legal action and perhaps even seeking injunctive relief to put things on hold.
The BOD is only concerned that their long thought out deal (if that's indeed their intention will be torpedoed so this is the only thing that will get their attention.
The EGM should be called by the shareholder block and a resolution put to remove 2 of the directors and replace them with Shareholder nominated directors to look out for shareholder interests. They will hate that!
The shareholder block should also write to the largest Shareholder McNally Clan Investments Pty Ltd outlining its concerns and intentions and seeking their position on the proposal and whether they support it.
if that 5% can be comfortably reached with names and chess statements etc then that's the leverage to start throwing weight around.
Lack of organisation of shareholders and everyone acting individually is what keeps the BOD of these fringe companies safe from scrutiny and accountability.
Shareholders should stop thinking that voting No is making any sort of statement or difference. The only thing that will make a difference is pooling your shares/votes into a block and acting cohesively to spoil their cash party.
Just my thoughts...
Cheers