sellers eager to bail out, page-5

Just so that there are no mistakes here, ATC balances to 31/12, meaning that the next AGM will occur late April /May (AGM must be held by 31/5/03).

In each of their GM /AGMs over the last 12 -14 months, ATC (current, and former version) has given 1 months advance notice of each meeting.

Under Article 35.1 of ATC's (ie: Nugold's) Constitution, 28 days clear notice (excluding the day of issue) is required.

So far, no notice of GM has yet been issued by ATC (to 16:47 Melbourne).

Presuming that no notice issues later tonight (Perth time), then they must issue by Friday, in order to meet on 30/12, or 31/12.

Issuing by tomorrow, also allows for a 27/12 GM to be held.

This is cutting things a bit fine, considering the language of ATC's ASX release of late 7/11, in which:
1)
FNT closure is scheduled to occur by 31/12;
2)
on completion, cash of $15m is required, and shares of 40.0m are required to be issued;
3)
an independent expert's report is required to accompany the despatch of GM Notice documents;
4)
formal despatch of documents was anticipated to occur by end November; and
5)
a late December GM was to be scheduled.

Where does all this lead us to?

By their own timeframe, ATC management are cutting things awfully fine.

The last time that ATC held a GM on the FNT transaction (ie: in October), the voting results were somewhat controversial:
1)
20m, in favour;
2)
14m, aginst;
3)
7m, at the proxy's direction (presumably, in favour); and
4)
22m proxies, ruled invalid.

This next meeting is just as likely, therefore, to be controversial, both in its timing, the consequences of any outcome, and the less than unified nature of the shareholding structure (ie: disgruntled shareholders).