Hello Asteroider,What I meant is if all shareholders were...

Hello Asteroider,

What I meant is if all shareholders were treated equally.
If the consortium involves issuing preferential shares to existing large holders then they should not be allowed to vote at the special general meeting re the reconstruction.
If they can vote only ASIC can save you. The problem is that about 50% of the company shares are held by smaller shareholders like us and most obviously dont bother to vote. Therein lies the problem. If they succeed we get diluted to next nothing. If the new directors are directly or indirectly part of the consortium they should IMO have been disqualified from the rejection of the alternative proposal. However I dont know whether it was the previous Board who rejected it.

cheers
eagle