GREY:PMBJF - Post Discussion
Post by
beenaround2012 on Aug 03, 2012 1:33pm
Proxy Fight
DAIB you are right you can only withhold your vote. So even if all shareholders withhold all he has to do is vote for himself and he is in.
A Proxy fight is a different thing, a group or a person with a significant number of shares ( I think you need 10 % ) can challenge the board and ask for alternatives. If they refuse then you have to get the shareholder list and send out your own circular with your list of people you want on the board. The company can challenge you at every turn and the lawyers fight it out. If you get to send out your circular you need more votes for your board than they get. Then the new board can vote in a new CEO ect.This can be done at any time not just at the AGM by calling a special meeting. All of this would cost a fair bit for the ones making the challenge.
The people that have purchased the shares from the beginning of May ( about 16 Million ) would probably vote as a block. So you see why I say that RS had better not tick off that group as they do know how to go about this sort of thing.
I hope this is helpful.
Good luck to all
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