Cujo, yes I have received that letter, but it's not asking for...

Cujo, yes I have received that letter, but it's not asking for proxy votes at a meeting - yet.

A few other companies I've been in have gone through this process also. The first step for disgruntled shareholders to oust the sitting board members is to call an EGM.

The letter from gdavid is at present just collecting support to call the EGM. An official proxy for a meeting (i.e. where directors get elected) will have to come from the share registry - Link Registry Services in the case of VCR.

To call an EGM, either 100 shareholders or a total of 5% of shares on issue is required. This does NOT change the directors - that can ONLY be done at the meeting, and the voting at the meeting needs to be "official", i.e. through Link.

I'm more than happy to call the EGM - at the very least, we will make Mr. Bowtie sweat a little. With a bit of luck, this could be a lot more, i.e. the turning point for VCR.