As alluded to in prior posts by both established and recent posters, I'd like to channel your focus towards the 'possibility' of requisitioning an EGM.
Australian company law allows for either of two hurdles to be met before such a requisition can be made: 1. more than 5% of the issued capital 2. more than 100 shareholders.
Either of these hurdles could be met with a little bit of elbow grease from those parties that have a desire to exercise their shareholder rights in regards to recent developments at NSE. Although I dare say 100 retail signatures would make a greater impression on NSE than a few 'dissidents'.
There is no formal process required to lodge an EGM requisition notice. One simply has to lodge the signatures of at least 100 NSE shareholders or those that represent more than 5% of the issued capital. Accompanying this would be notification of why the EGM is being requisitioned and what action/information is being sought from NSE directors. NSE management then has 21 days to provide notice of the EGM which must be held within 28 days of that notice.
One can then have it out with NSE management face to face and hopefully arrive at a satisfactory resolution.
Further, I'd propose an initial, informal communication to NSE management. Inform them of the requisitions existence and offer them a chance to come to the table without the need to formalise the lodgement of the notice.
You do have rights - they just need to be exercised.
100 replies to this post with an indication of your willingness to join the requisition would just about do it.
Over to you NSE shareholders...put up or shut up?
NSE Price at posting:
18.5¢ Sentiment: None Disclosure: Not Held
