Anyone Familiar with "Section 203D of the Corporations Act"?

I hold FMS so this is not cross promotion. I also have a holding in RMX so it probably proves I like holding positions in companies with self serving boards.

Anyways RMX directors just got served with a Section 203D which was instigated by shareholders of the company questioning the efficiency and integrity of the board with the intention to remove the board. The shareholders lodging the actions hold 6.04% of the stock on issue so I assume a 5% controlling stake of the stock on issue is required to lodge this action.

It would appear we do not have to wait until the AGM to remove the board if shareholders are not satisfied with the directors. Something to consider here if the FMS board makes no progress on a third party deal or a better takeover price.

The Section 203D is listed below.

http://www.asx.com.au/asxpdf/20160504/pdf/43708ynvdr77vq.pdf