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If they can’t now nominate a third, the first resolution of...

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camban

4,498 Posts.

3248

21/07/23

20:02

Post #: 68918181
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Originally posted by Empty Nose: ↑

scott was a director
the minimum number of directors is 3.
if 3 remaining directors are ousted
the 249d group nominated 2 directors.
that would leave only 2 directors
1 less than the minimum
the play was obvious.
249d group outplayed this time.
hopefully only a minor setback

took a long time to launch 249d
then time to set up forms
meanwhile, directors steal cash.
though cash is not the main game, LLL shares are.

is there an asx rule that temporarily allows 2 directors, especially for suspended company with no actively managed assets.
or resubmit forms?
or no need to resubmit? amend, add?

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If they can’t now nominate a third, the first resolution of Gareth & Garry, within minutes of being appointed, might be to appoint a third director. A professional director, an auditor, a lawyer, or even a former CFO/Co Sec who is aligned. ASIC penalty is discretionary and unlikely in the circumstances, imo.

Last edited by camban: 21/07/23

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
23 Upvote

0 Great analysis

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