Under s.249D shareholders (at least 100, or 1 or more providing he/they hold at least 5% of the votes) should request in writing that the directors call an EGM – which would be at the company's cost (ie, printing/postage, etc). In this circumstance the directors must call the EGM within 21 days after the request is received, and such meeting must be held within 2 months after the request.
Have we got enough here to make this happen?
The last update proved beyond doubt that MD's greatest skill is getting a salary and nothing else. He has lead a company with two seemingly successful late stage drugs to zero enterprise value. No-one else could have achieved this. The consolidation was also his decision. The company has such good assets but MD is not one of them. He is the company's greatest liability.
This could be a great company. Get rid of MD and watch this company change for the better. Apparently MD said he would resign if he was not the best person to lead this company. As he does not believe there is anyone better than himself it is up to us to prove him wrong and act to rejuvenate our company.
Just remember his comments that the Cortendo deal gives the company enough to pay salaries for another two years. One year is nearly up and the stock has fallen 75%. His salary now represents an overly exaggerated portion of the company's market cap. We simply cannot afford to keep such an under performing MD who has virtually turned the company into an administrative shell.
