BWN 0.78% 65.0¢ bhagwan marine limited

I attended the BWN emergency general meeting and over a number...

  1. 261 Posts.
    I attended the BWN emergency general meeting and over a number of years have never ever attended a general meeting as this farce.
    The directors got their way as all resolutions failed.
    To make sure they did they made votes all delivered by a "third party" invalid as in their words they were not delivered directly to the company by shareholders by mail or fax as requested.
    In declaring proxies invalid they the directors quoted a case in the Federal Court called "Portmans" which was Golden West Resources Ltd against one of its substantial shareholders, Portman Iron Ore Ltd (Portman).
    In this case however Portman had written to shareholders with a pre-completed proxy form with instructions for shareholders to sign the proxy form and return it to Portman. Portman received proxy forms from approximately 181 shareholders which it forwarded to Golden West
    There is no requirement under section 250B of the Corporations Act for shareholders to forward proxies directly to the company they can be submitted by "third parties."
    The difference today is shareholders who called the Bowen general meeting did not submit pre-completed proxy forms to shareholders so no precedent can be called by so called legal advisors of the directors in making the proxies invalid.
    There is a clear difference between Portman and Bowen shareholders who called the meeting.
    Even if proxies were not enough to carry the resolutions the directors I believe have operated in an unethical manner with the interests of shareholders outside of Bhushan and Savni Holdings not been not taken into account,
    the only shareholders who interests are taken into account are clearly Bhushan Steel only.
    In also changing the venue of the meeting and the chairman at late notice it smells of deliberation to unsettle the resolve of shareholders opposed to the current directors.
    I feel cheated and robbed.
 
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