Sig, They definitely are required to call it - 'request' was being polite - but with over 10% of shares on issue represented, we supplied more than double the numbers necessary in a very short time without a full shareholder contact.
Start of letter:
NOTICE OF INTENTION TO CALL A GENERAL MEETING.
Dear Paul,
We write to you as Company Secretary of Cityview Corporation Limited, to inform you that Cityview Shareholders require that the Directors call a general meeting. More than 5% of the votes that may be cast at the meeting are represented in our numbers, as per legal requirements under Section 249D of the Corporations Act.
We request this meeting be called as soon as is practical within the allowable limits of the Corporations Act.
“Under 249D of the Corporations Act, the Directors of the 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. Directors must call the meeting within 21 days after the request is given to the Company and the meeting must be held no later than 2 months after the request of the meeting has been received.”
No whoever said it, I certainly don't think it merits a trading halt, just an acknowledgment so that ALL shareholders know what is happening.
It may have a very positive effect on the holders' confidence long term.
CVI Price at posting:
1.3¢ Sentiment: None Disclosure: Held