CORPORATIONS ACT 2001 - SECT 249D Calling of general meeting by directors when requested by members (1) The directors of a company must call and arrange to hold a general meeting on the request of:
(a) members with at least 5% of the votes that may be cast at the general meeting; or
(b) at least 100 members who are entitled to vote at the general meeting.
(1A) The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:
(a) a particular company; or
(b) a particular class of company.
Without limiting this, the regulations may specify the number as a percentage of the total number of members of the company.
(2) The request must:
(a) be in writing; and
(b) state any resolution to be proposed at the meeting; and
(c) be signed by the members making the request; and
(d) be given to the company.
(3) Separate copies of a document setting out the request may be used for signing by members if the wording of the request is identical in each copy.
(4) The percentage of votes that members have is to be worked out as at the midnight before the request is given to the company.
(5) The directors must call the meeting within 21 days after the request is given to the company. The meeting is to be held not later than 2 months after the request is given to the company.
Idean. I posted those numbers with the idea that this morning Bronze11 and lot of others were just going to buy on market, which, if all done together, could have triggered off the VW/Porsche T/O of 2009 scenario, when the prospective predator (who it might be is still guesswork for mine) panicked when they saw the opposing play by the pursued (in this case the H.C. group). I'm sure the "opponents" in this play would be VERY aware of that case and as you saw, I posted that, as the bid was just from Bronze11 and was just going to sit there. Then, my alternative idea was for him to attack the options instead as just sitting there could have effects which could in fact be counter to the original plan.
I still say that just showing your hand and sitting there is a very risky and possibly useless way of achieving what you really want and that is to get the desired percentage of shares, be it 5% or 20%, but, more importantly, IMO, to flush out the "opposition" to also show their hand. That will need some lines to be taken out to put everyone, including the "opposition" on high alert. Then we might see everything fall into place. Otherwise, just wait a couple of weeks and see what happens, much cheaper and much more effective, because we will then have PROOF IF they try anything untoward. The present way is just playing into "THEIR" hands.
CTR Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
(20min delay)