X64 0.00% 57.0¢ ten sixty four limited

I do not think much of anyone who calls for an EGM to dump...

  1. 3,702 Posts.
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    I do not think much of anyone who calls for an EGM to dump existing directors and get themselves and buddies appointed without any supporting arguments presented. Sour grapes following dismissal for deceptive (fraudulent?) behaviour is not enough in my mind for action like that.
    Nevertheless, I would rather the meeting went ahead ASAP so that we can hear any supporting arguments (if any), make a decision and get on with running the company rather than have our directors running around spending time and costly legal fees on procedural fights.
    I suppose the encumbents want more time to gather support from shareholders.
    About the only positive note in all this (for me at least) is that yesterday I was able to increase my holding at an attractive price and now with a very high yield dividend that effectively makes my purchase price even lower.

    As a caution to supporting the Welker attempt at control, it is possible that his "new" board would abandon the dividend because they want the funds for other company initiatives (with benefit to Welker associated companies, no doubt). I have seen an ASX company cancel a previously announced dividend after a change in circumstances and so there is at least one precedent. Sorry, I cannot remember what company that was but was not all that long ago. It annoyed me at the time but there was nothing I could do about it.
    .So far as I can tell, no date for the EGM was proposed and perhaps that is in the hands of the company rather than Welker's crowd. Which means if the meeting is after 20 October (div. payment date) there is nothing Welker etc can do about it.
 
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