IMO each of the existing board members who approved the payment...

IMO each of the existing board members who approved the payment of a +$800,000 non-refundable deposit on a deal that was subject to shareholder approval should be removed.

They cannot justify the expense in sending out a copy of the proposed constitution or to highlight the proposed changes but can decide to write off a deposit if the deal gets voted down. Remember that the constitution is the "contract" between the shareholders and the company. One party is rewriting it and not openly showing the amendments. Save the money by posting the marked up copy on the company website! While they're at it, they could elaborate on why they have been speding shareholder funds on legal costs reviewing the constitution during a time when they were supposedly instigating operational cost reductions.

One of the points raised in the notice is that shareholders did not want to change the constitution at the last EGM - so why would they want to change it now?

I hold and am annoyed that GWR has a board controlled by a shareholder that only controls just over 20% of the stock. The defending arguments over PMM trying to take control by stealth without having paid a premium are laughable considering that FAS got control at a discount (7 FAS shares are only worth approx $1.12) with no cash outlay for the shares acquired.