Having skimmed thru the posts to confirm my own thoughts on the pathetic offer from Beach which has been accepted by the Board its time for Donald to go. Unfortunately it is now well documented elsewhere that ASIC is a waste of space and time. So forget ASIC.
However under the Corporations Act 2001 "in managing the business of a company a director is obliged to to act in the best interests of the company, to avoid conflicts between the interests of the company and the director's interests, to act honestly, to exercise care and diligence. A director who fails to perform their duties may be guilty of a criminal offence with a penalty of $200,000 or imprisonment up to five years or both and may be personally liable to compensate the company or others for any loss or damage they suffer."
In my opinion there is strong evidence that some or all of the above applies to our dear Donald. With his large shareholding he is laughing all the way to the bank at our expense. And of course the Spanish assets will fall into the hands of Beach!
Its too early yet as this has to play out. Rest assured the independent report will support the offer of 20c based on vwap etc. There will be no relief there. But as pointed out by SN in the STX ann - it might not get up and at last minute STX may increase their offer. It is essential for all small mum and dad investors to vote against the offer. Individually we all have a tendency to consider voting a waste of time - but do not underestimate the collective power.
The market is presently sending a strong signal that it will not get up at 20c. Last time I looked its at 22c. People are paying 22c to only get 20c back? Wot the hell is going on there?
The first step is to develop a resolution to remove dull Donald and call an EGM :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 members with at least 5% of the votes that may be cast at the general meeting.
(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.
If you have any spare time have a look at the threads for LVT and SMN. Amazing things can happen - STX can call an EGM but even if not there is enough retail volume to call a meeting. I will try and contact the substantial s/h but in the meantime if you would be willing to sign up to the requisitioning an EGM to remove dull Donald could you hit the 'like' button to gauge sentiment. See what happens! ...... Barlinnie - here we come Donald!
