ESG eastern star gas limited

lateline, page-9

  1. 3,627 Posts.
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    "I would think there would not be time for an EGM to be called prior to the Scheme meeting being called.

    Another option would be to be represented at the Court." -

    jake0002,

    With respect, I find your two points a little contradictory, and here's why.

    To my understanding, under Company law in this country, with the gathering of the prescribed number of signatories, (registered holders of scrip in said company) a request may be put to the company (without reference to any court mind you) for an EGM, to debate, explain, clarify, justify .... ...whatever it is that concerns such a large group of investors.

    I also believe it is a matter of weeks, not months that this must be addressed in, again laid out in the relevant legislation. However, I am typing this without current research, just background understanding, and therefore stand to be corrected.

    Rather than a Court as you suggest, the Australian Shareholder's Assoc (ASA) is a very reputable, respected and recognised national organisation which has before now acted on behalf of disgruntled /disenfranchised investors (as others have already stated on here) and IMO would be a far better avenue of approach.

    That is, ONCE we have started the ball rolling by communicating amongst ourselves, and collating the pre-requisite number of names, HIN numbers, and details of registered addresses for them (ASA) to begin with.

    The size of your holding is as immaterial frankly, as it will be if we are eventually pushed to consider a NO vote under the Scheme of Arrangement.

    Far better, and healthier in what was still a democracy when I got up this AM, to FORMALLY and publically bring our Board to account by seeking the much promised information on several fronts, water, gas, pumps, gas for export, gas for domestic consumption.

    The Dairy Farmers are currrently doing it to WES, and WES legally have to address this. And mark my words, it becomes quite public.

    And for a publicly LISTED company, EASTERN STAR GAS has been treading a VERY fine line with the reponsibility of managing my investment with the transparency to which I am legally entitled (IMO).

    Disclosure:
    I have registered details of my holdings with our nominated "custodian" for the purposes of collating them for the time being, whilst we collectively decide our next step. I have encouraged this person (via private email) to continue on to as many disgruntled (keen) s/holders as we can - 200-250 wouldn't surprise me at all. You can see them joining this board in numbers just over the last few days.

    **This isn't costing us anything for the moment but our time, while we assess our depth, and canvass ideas.

    Best wishes to all whether or not you participate!

    Lilac
 
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