1)Why can TS still manage the company without our shareholder support?
Without the S/H support, TScannot manage IGC for long because we can vote him out if S/H is not happy with his performance. The management is suppose to work for the best interest of the S/H not himself, As S/H we can get together and vote him out if we have more than 50% of vote.
How can he sell the only asset without all shareholder voting? IMO, can we have a shareholder meeting, then change the management!
He cannot do that. There are certain regulation that a company have to comply, one of it is the ASX's listing rule for all listed companies and the other is ASIC's Corporation and the Government's Trade Practice Act, Those law are used to regulate Australian corporation and all other investor. As soon as IGC announce the deal on last Tueday, I called them and raise the question on shareholder approval, on the IGC side, the phone call got diverted to a public relation company and those guys are are a time waster and until today they still have get back to me. I then call the ASX and complain about this and it take them 5 day to call me back and confirmed that IGC need to hold a general meeting abd get shareholder approval on the deal. This is our best chance to get rid of the management if we get enough vote to do that.
I hope this can answer your question, if you are a shareholder I strongly recommend you to attend the meeting and raise your voice on this matter. if you cannot make it, at least fill in the proxy form to vote "NO".
Good luck!
Ray
IGC Price at posting:
20.5¢ Sentiment: Hold Disclosure: Held
