They have proposed to dump 80% of the board and replace them...

They have proposed to dump 80% of the board and replace them with people they have nominated including ....

Robert Charles Neale is Chief Executive Officer, Managing Director and Director of New Hope Corporation Limited since November 14, 2008

One shareholder owning 16% wanting to put their own people into 80% of the board positions just doesn't sound good for the other 84% of shareholders.

These guys have already managed to buy up 32 million shares in 5 days without letting the SP rise. They are going to have to put a very convincing case to pull this off. It will be interesting to see what they have to say and what follows.