calling for egm or some at least some update

Dear VPG Shareholders,

I think we need to show some action and demand a EGM or at least some update ( and regular ones) ;

It has been over 4-5 months since we really heard any real news on the restructure. In this trouboing time and due to recent rise in SP we need to have a more regular update on the busness.

To remind you:

The Existing Law
Under section 249D of the Corporations Act 2001 (Cwlth) directors of a company must arrange and hold a meeting within 2 months(1) of being requested to do so by:


members with at least 5 per cent of the votes that may be cast at a general meeting(2) (the share capital test), or


at least 100 members(3) who are entitled to vote at a general meeting (the numerical test).(4)

The company bears the cost of calling a requestioned meeting. Directors have the right to refuse to call a meeting if it is not for a proper purpose. For example members cannot, by resolution, make decisions on management matters that are exclusively vested in the directors by the company constitution. A meeting may also be refused if its purpose is to harass the company or its directors or to consider matters outside the competence of the company. In practice however, these grounds provide directors with little scope to avoid calling a meeting.(5



I believe we can get 100 members or/and get some motion going so that directors start considering giving us regular update.

Please share your thoughts. I can start the process going in 2 weeks.

steps:

1.comment here your thoughts
2. I will provide my e-mail and phone for contacts in 2 weeks ( i will be back in Australia)
3. I organize a letter from as many shareholders undersigned as i can get to request an update or possibly EGM.


Regards,