Considerations:
- The announcement allows JE to re-write his ending as "he stepped down gracefully" instead of being shot down at voting. Current board knows by now JE would not have passed the 249D and his time is over
- This appointment will swing some of the voters who have not yet voted. And some of those who have already voted will be tempted to go and change their votes
- "This resolution (being Resolution 5 described in the Notice) purports to apply to the appointment of Mr Biddle even though Mr Biddle was appointed after the Notice was despatched and when voting is already underway. The Company’s position is that, if Resolution 5 is passed, the Company (or an interested person such as Mr Biddle) may seek to challenge the validity of Resolution 5 insofar as it relates to Mr Biddle"
The company introduces a legal challenge to the removal of Biddle as chairman since his appointment happens after voting has commenced.
No doubt PB would have consulted with lawyers and established this to be a potential spanner in the workings for CMT.
A 'poison pill' and likely a way to challenge GW's ascension as Chairman, since this is now Biddle's role
- PB and NB go a long long way
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- Ann: Mining Executive Neil Biddle appointed as Chairman
Ann: Mining Executive Neil Biddle appointed as Chairman, page-41
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