Weekend AFR Article p41, page-26

Mongy old chap,
"25% of shareholders" is just a little misleading. it is actually 25% of shares actually voted. in the case for example where only 16% of eligible shares are voted, not an unusual happening, then 25% of 16% namely 4% of votable shares can force a board spill if occuring for two consecutive years. note also the distinction between shares voted and number of shareholders. in the example given, the holders of the remaining 96% of shares have to carry the costs of an EGM which does not seem an equitable outcome.
FYI