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TELESTA THERAPEUTICS INC T.TST

"Telesta Therapeutics Inc is a biopharmaceutical company. The Company is engaged in the research, development, manufacturing and commercialization of human health products and technologies."


TSX:TST - Post by User

Post by RetailRubeon Mar 20, 2016 1:40pm
194 Views
Post# 24680932

Special Shareholders' Meeting

Special Shareholders' MeetingAll shareholders who want to petition the company to call a special meeting of shareholders should remember that only registered shareholders can submit a petition.  If it takes 5% of the shares to ask for a meeting, then the people making up the 5% all need to register their shares.  I do not know if a single shareholder is required to hold 5% or if you can act together by forming a voting pact.  You should consult the Canada Business Corporations Act and Regulations to be sure.  I assume you will ask for a motion to be put to all shareholders to vote on.  You are limited in the number of shareholders you can contact to support your motion.  If you exceed that number, you will need to hire a lawyer to write and issue a dissident proxy circular.  If you want to replace one of the current directors, such as Berendt, you will need to supply the name and resume of the person you are nominating, probably when you submit the petition for the meeting.  For all the nuances involved in petitioning for a special shareholder meeting, you might want to read Mr. Justice Brown's written judgement in the Wells v. Bioniche litigation.  But since you long-term shareholders have been through all of this before, this should be a piece of cake.  Wells and Gubitz just messed up.  Yeah, right.
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