You raise an interesting point about the 38% voting against. Maybe this is something ASIC are looking at?
I believe the Chairman holds about 16.28% - how did he get the others to join him? If he communicated with the other 21.72% to vote against why didn't he communicate with all shareholders the reasons? If they're 'acting in concert' has he exceeded the 20% threshold and should have disclosed a much larger interest in the company? Food for thought.
Class Action, page-53
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