As per SWAP's Post:1. Do we have 100 shareholders or more than...

As per SWAP's Post:

1. Do we have 100 shareholders or more than 5% shareholding
2. Do we want to call an Extraordinary General Meeting?

I'm happy to participate and hold 503200 Shares

As shareholders (and therefore part-owners of the company) you could consider calling an Extraordinary General Meeting to ask the directors what is going on. Maybe even replace one or two of them on the way through.

The mere act of doing this will send a strong signal to the company that shareholders are unhappy about the level of disclosure and will probably draw some attention on the way through.

I can see it in the Fairfax papers now, "Centro faces shareholder rebellion"

S249D of the Corporations Act covers Extraordinary General Meetings. One can be requested by members who have 5% or greater shareholding OR at least 100 shareholders who are entitled to vote.

The company has to call the meeting within 21 days of the S249 notice being received and hold it within 2 months. Costs associated with the meeting are borne by the company.

More details here:
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s249d.html

Hot Copper members probably have way more than 5% shareholding but it may be easier to get 100 shareholders to agree instead. We regularly get a few hundred people reading postings so I suspect there are enough here already.

At the meeting, there will need to be some motions proposed. They could be:

1. Request an update on what is happening with asset sales
2. Request details on any other area of the business
3. Removal or appointment of directors

Serving a S249 notice is simply a case of writing to the company. The ball will then firmly be in their court to respond and convene the meeting.