FAS fairstar resources limited

I am the one who owns the EGM site, but the interest in the...

  1. 51 Posts.
    I am the one who owns the EGM site, but the interest in the website is minimal at best, you need a lot of holders to get an EGM up and running, and while Hotcopper is the best kind of forum to access holders, there hasn't been enough interest.

    We are probably looking at around 20 legitimate holders who have put details down, and a lot of spam fake holders who are trying to scare me out of doing this thing by inputting other things as veiled intimidation.

    "Under the Corporations Act, ((any 100 voting shareholders)) or any shareholders who hold 5% of a company have the power to collectively issue a binding call for, or ‘requisition’, an EGM. The company then has 21 days to announce the date and location of the meeting, which must be convened within two months of the shareholder requisition."

    I was thinking the corporations act may have one flaw, the ability for a shareholder to set up say 100 trusts or pty ltd companies, and transfer 1 share to each of those and cause an EGM to any company on the ASX, this comes from my basic research on the corporations act.

    ASIC states this on their website: "A shareholder of a company must be a person (e.g. John Citizen), a body corporate (e.g. XYZ Company Pty Ltd), or a body politic (e.g. State of Queensland). A member is an entity that can own property, sue or be sued." And "Estates and trusts cannot hold shares in their own right – they must nominate an executor or a trustee." that executor would be yourself nominated.

    However this is all theoretical (has never been attempted under the corps act) and would need to be overseen by some legal advice, it just depends how much people want something to happen.

    As always, do your own research on the topic.
 
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.