The Corporations Act requires that companies are obliged to advise the timing of an EGM within 21 days, and hold the meeting within 60 days, from the date of receipt of an acceptable s249D notice. It would appear that the board has taken both to their latest possible timing, so how are they trying to have the EGM before the Scheme Meeting? Assuming a new date for the Scheme Meeting is set in line with the previous delay (2 weeks), than the most likely new Scheme Meeting date is 3 July, which is still 16 days before the EGM. If the board is so confident of winning than a successful Scheme Meeting means the EGM would never be required.
Also, how on earth could anyone have lined up shareholders, prepared and then submitted a 249D the day after the Board surprised all by accepting that ridiculous 20cent Scheme Deed? What a completely irrational suggestion.
As for the crazy notion that the first mistake was the removal of JH, we wouldn't be having this little exchange if JH wasn't removed, as CTP wouldn't have existed after about Jan 2015...
CTP Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
