Post by
RetailRube on Mar 20, 2016 1:40pm
Special Shareholders' Meeting
All 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.
Comment by
specul8tor on Mar 20, 2016 3:42pm
What do you hope to gain by this meering?I don't imagine the company has much more to say until something significant happens....
Comment by
specul8tor on Mar 20, 2016 4:11pm
I obviously meant "meeting"....wish SH had an edit feature after posting...
Comment by
HighteawithIntrepid on Mar 20, 2016 5:51pm
For clarity shares held in an account with a broker are not considered to be registered. They are held in the "street name" You need to obtain a formal receipt and keep it in a safety deposit box. Not a big deal if it is for 25,000,000 shares but a royal pain for less than a million shares, which is pretty much us. HT