Dear Shareholders,
A requisition for an EGM of all shareholders, pursuant to Section 249D of the Corporations Act, has been sent to Sabre Resources Directors and Company Secretary by a shareholder group representing in excess of 5% of the issued capital of Sabre Resources.
The EGM is to be convened for eligible shareholders to vote on an ordinary resolution concerning the non renewal or termination of the external Management Agreement between Kalgoorlie Mine Management Pty Ltd (KMM) and Sabre Resources.
The reasons that a management change is sought will be explained when Sabre Resources makes an announcement to the market.
Our shareholder group is seeking further numbers to bolster the support for the EGM even though we have achieved the 5% required. If you would like to support the motion for an EGM please email [email protected] and we will email you the necessary information. Your support would be appreciated.
Further to support for the EGM it is envisaged that our shareholder group will look to establish a shareholder agreement that will allow for voting as a block to approach the Board of Directors to institute further change. Details of a strategy going forward will be forwarded to shareholders interested in voting as a block at a later date.
A final consideration is that to make change shareholders have to vote and exercise their rights as shareholders of a public company. Australian shareholders are typically loath to vote on shareholder or company issues and subsequently a minority can control the majority. If shareholders don’t vote or band together then the status quo will remain. An interesting article in relation to this can be found at http://www.law.unimelb.edu.au/files/dmfile/Aust11.pdf
Yours faithfully
Retrac
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