"I can recall at least one occasion, where the company chairman...

"I can recall at least one occasion, where the company chairman did not follow correct procedures (as lay in the Corporations Act 2001) - but this trampling on shareholder rights, allowed an issue critical of the board, to be quickly dispensed with."

I had the above post moderated because of unsubstantiated information.
HC Comment : You may have been talking generally, but it comes across as APG specific and is therefore removed.


Let me be very APG specific here - and trust that stating facts will not get moderated.

* In 2013 I had concerns about the issuing of APG Partly Paid (PP) to 1 cent shares. My analysis of the APG Cash Flow Reports indicated that all the monies were not being recieved before the PP shares were being issued.
APG directors recieved some of these PP shares.

* Throughout 2013, I wrote to the company and directors requesting answers to my concerns - no reply ever recieved. When I rang the company I was told by the company secretary Nick Gaston, that it was APG policy never to respond to shareholder letters and emails.
The company secretary said if a shareholder had any questions for the directors, the only opportunity to ask them was at the AGM

* Prior to the 2013 AGM, I carefully followed correct procedures and sent 5 written questions about PP shares to the auditor for answer at the AGM.

* At the 2013 AGM when my questions about PP shares came up the chairman turned the meeting over to the company secretary not the auditor.
- The company secretary read out aloud the auditors 5 written answers to my questions, at a fast pace, and without stop
- The company secretary then refused to allow any questions
- The company secretary then refused to make the auditors 5 written answers available for shareholders to view.
- The company secretary then closed down further discussion on PP shares by saying he had fulfilled " all his legal obligations" on this matter.

This shareholder definitely felt that his shareholders rights had been trampled upon. I had gone to a lot of time and expense, and come away without answers to my reasonable questions.


The chairman and the auditor did not follow correct procedures for the answering of Questions to the Auditor - they instead allowed this farce with the company secretary to occur.


Corporations Act 2001 Section 250T Questions by members of auditors at AGM
(1) If the company’s auditor or their representative is at the meeting, the chair of an AGM must:
(b) allow a reasonable opportunity for the auditor or their representative to answer written questions submitted to the auditor under section 250PA.

The Chairman did not give the auditor any chance speak - to answer my written questions or allow any follow up questions.


Also under Section 250T : if the auditor has prepared a written answer to a written question, the Chair of the AGM may permit the auditor to table the written answer to the written question. The listed company must make the written answer tabled available to members as soon as practicable after the AGM.

When I requested a chance to to see the Auditors written answers the company secretary refused - and the Chairman and auditor remained silent on tabling the auditors written answers.


This farce of having the secretary(not the auditor) read the auditors written answers, without any chance to question the auditor is a travesty of the correct procedure. And then the auditors written answers were withheld from shareholders.


Wilcox

Go Rickaroonie !!!!!!!!!!!!