Ann: Notice of Extraordinary General Meeting/Proxy Form, page-27

Nothing really scandalous - they're having a go because they can.

Share price got so depreciated, that it wasn't too hard to amass the substantial stake. I've got easily to ~ 1% ownership of MTH, just from cheap buys and 5c placement, and I'm just a casual observer to this mess.

Opportunity with Billy Zinc is huge, and for this takeover-wannabee mob it is a win-win. They'll either get control over MTH (which even as a shell is worth much more), or they might get a good payout when share price rises back to higher levels.

I reckon that this could become a multi-bagger as the meeting date approaches, as two sides will be bumping up their stake to control the votes. And management must deliver some really good news to survive the challenge, so price surge is almost guaranteed.