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APG

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Notice to Remove Director - Corps Act, page-59

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BT6487

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01/11/18

10:15

Post #: 36346987
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Originally posted by clacko888 ↑

Originally posted by clacko888
There is a process to be followed to remove a director.

To require a company to put a resolution to members to remove a director requires shareholders who in aggregate hold at least 5% by value of the total ordinary shares on issue to sign the notice. The company has up to 2 months to call a meeting.

Time is running out if such a notice is to be served on APG ahead of its AGM - notice at least 21 days before the AGM is required if the company is to put to the motion to shareholders at the AGM.

A suitable motion can be framed quickly if there is genuine interest. Please advise.
Given the huge support from shareholders for the proposed resolution, I today (as promised) have served the s.249D notice on the company. The content of the message accompanying the notice is as follows:

Mr T Cuthbertson

Chairman

AUSTPAC RESOURCES N.L.

I have been authorised by 33 members of the company to serve the attached notice.

The notice calls for a General Meeting of APG to move the following resolution:

“That, pursuant to section 203D of the Corporations Act, Mr Michael Turbott be removed as a director of the Company effective immediately on the passing of this resolution and that the Company seek an appropriately qualified person as a replacement director.”

The members moving the resolution hold 397 million of the issued ordinary shares of APG.

This represents approximately 17.5% of the company’s issued shares.

If there would be value in holding discussions with 2 or 3 representatives of the members moving the resolution, this can be arranged.
Members supporting the resolution have confidence that the issues prompting the resolution can be resolved in the interests of all concerned. However given the calamitous decline in the company’s share price post the Bergen note issues and the failure to conclude commercial agreements (to secure ongoing funding), you will understand that there is a high level of dissatisfaction and disquiet with the company’s management.

Yours sincerely

Robert Claxton

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Good work Clack. The share price has been declining since way before the Bergen deal. Something had to be done to stop the rot

APG Price at posting: 0.2¢ Sentiment: Hold Disclosure: Held
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