Pretty sure there is grounds for legal action against the major...

Pretty sure there is grounds for legal action against the major shareholders or the company for accepting such a horrible deal... if not ground for investigation as there was no reason for accepting that deal. below are some parts of the act and legal precedent if anyone is interested in following up.

Gambotto v WCP Ltd (1995) 182 CLR 432 < is case about major shareholders oppressing the minor shareholders.

Sections 236 and 237 of the corporations act allow members of a company to bring on proceeding on behalf of the company in the company’s name.

Also section 50 of the ASIC Act you can apply for funding from ASIC to help with these proceedings.

I must say though, I am no lawyer although i have studied corporation law. This is just here if an old Universal holder is pissed off enough to do something about it.

P.S. There is also a shitload on directors duties to which i am sure tony did not follow..... The main one being section 181, use their powers in good faith in the best interest of the corporation for a proper purpose. I would like to know why he advised we do not take the deal and than took the deal himself.

section 182 says they can not gain an advantage for themself. I have a strong feeling there was a second deal behind closed doors here.

I'm sure a lawyer and asic would love to look into this one.

oh well my rant is over.