KBC MPO

Ann: Requisition of General Meeting of Molopo Energy, page-4

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jake0002

8,791 Posts.

3245

11/11/14

17:38

Post #: 14271595

Originally posted by jake0002 ↑

evidently there are 2 resolutions:
1.. change MPO Constitution
2. resolve that directors effect a capital return of 21.75c p/s to s/h.

am not certain here but:
1. to change Constitution of MPO, isn't that a Special Resolution??? if so needs 75% of s/h in favour?? (But note I may be wrong here)
2. the resolution to resolve directors to return 21.75c capital p/s to s/h, - I am pretty sure that even IF s/h vote in favour of that resolution, the directors are not forced to effect that capital return !!???
it achieves nothing except to show the Board that s/h might be overwhelmingly in favour.

If the board refuses to act on the resolution if approved - there is nothing KBC can do except to call a S249D meeting and remove the directors?

again, I am no lawyer, but I suspect this is the case.
am happy to be corrected.

Good on KBC for having a go!
I am surprised it was not done ages ago.

Note that KBC group, and Belmont etc, are not moving to replace the directors, to achieve their aims !?
Now that is worth contemplating to try to understand exactly WHY.

Also, out of interest, note the missive about the adequacy of the remaining cash held by MPO after the capital return.

I will bet you that MPO replies that leaving only 4.7c p/s to cover litigation, admin etc, will be inadequate. I will bet that will be their claim. Got no idea of what the potential damages in litigation could be.
And if I were the Plaintiffs, I would get a court order to stop MPO from distributing the cash !!!
watch out
and I reckon the directors of MPO could get into strife if they distributed 21.75c p/s, then MPO loses case, and then MPO is left with inadequate funds to pay damages - now that could leave directors liable?
that will be on their minds.

maybe that answers some of the questions?
interesting stuff.
good luck

Expand

http://www.asic.gov.au/for-business/changes-to-your-company/company-resolutions/

Type of action requiring special resolution Form used

1 Modification or repeal of the company constitution or a provision of the constitution (s136(2) of the Corporations Act).
Form 205 (public companies only)

so it does look like KBC will need to seek a Special Resolution.
and imho, that is important.

because KBC and Belmont group would have had enough to get 50% of votes cast if it were an Ordinary Res.
But getting 75% is a much harder task imho.

	Type of action requiring special resolution	Form used
1	Modification or repeal of the company constitution or a provision of the constitution (s136(2) of the Corporations Act).	Form 205 (public companies only)

KBC Price at posting: 16.5¢ Sentiment: None Disclosure: Not Held

MPO Price at posting: 17.0¢ Sentiment: None Disclosure: Not Held

1 Upvote

0 Great analysis

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