RE:Question to all Stockhouse members on adviceBigFatUgly1 wrote: Vid has recently ousted the most slimiest CEO (George Fleming ) the venture has seen earlier this year. A honest man was appointed CEO ( Steven Hancock) with a plan to restructure and support of shareholders. Unfortunately Steve was recently involved in a tragic accident that took his life.
Now George Fleming some how took the reigns again. My question is how and is it possible to vote him out? Can shareholders call a general meeting and vote on new board members? Just want to know any and I mean ANY possible way to get this George Fleming scum from taking anymore of our possible restructuring money?
Could we as shareholders take control? Could we combine our shares and hold over 50%? Yes I am desperate as we all are. I am sure there is someone out there that wants a shot a running this restructured company. I myself would contribute to anyone but George and his friends that just want start up money for their next scam.
Please any info would help
Hi BFU, late to the coversation... I think the issue is the company doesn't have the luxury of time to be saved under different circumstances than already presented. It will likely be forced into creditor protection as creditors will likely be actively filing judgements against it's assets - that is if any are left. I am only assuming as we have not seen any recent financial statements to see who/what is actually owed.
The issue with the board/appointing a new board is that under the Corporations Act in Canada, there are some personal liabilities that can be tied to directors. Not 100% certain how it works with public companies, however in private companies the directors are personally liable for some specific debts of the corporation such as employee source deductions and potentially payroll. This is possibly why Goodwin resigned, however his resignation may not resolve him from any liability that occured while he was a director. Point being, there won't likely be any volunteers for these reasons. (My source here is that I personally hold a professional directors designation and sit on several private corporation boards).
As far as the 50% thing to take over/out the CEO/replace the board of the company, I've never seen a Unanimous Shareholder Agreement with this company and wouldn't know how that would work with a public company - but I'd assume as common shareholders, it is unlikely that we'd have any voting rights to these actions. If anyone (or yourself) knows a lawyer that specializes in Corporate law, that would be the expertise to seek out. Same for the other posters question about a shareholder class action. All I know is the Corporations Act in Canada has language around "fiduciary responsibility" to the corporation for Directors... might be worth a read.
Cheers,
John.