Amazes me that we have comments coming out of the woodwork today from people who never at all comment on the positives - eg the last two operational RNSs.
The resolution is as crystal clear as it could be - I am not claiming to be that bright but managed to understand it in one. And it is common practice - all my other core holdings have this incorporated. (easy enough to check)
I suspect this is a throw back to when the financial restructure took place and the prevailing advisers simply didn't pick it up. Whether finnCap or before their time I really don't know. Cairn are obviously trying to get it right.
Also I suspect a whole shed load of shares - transactions in the last 6 months mainly in nominated accounts - take forever to get reconciled. Probably doesn't help. Anyway Cairn/Company now have 6 weeks to get this sorted, but it is no-ones interest to simply stand on the sidelines on this.
Big 70 year old Ostriches, not turkeys........I get it! Really think FRR can do a lot better but would not change my investment here. Been here almost 4 years, been lucky to have called a couple of spikes and have a free ride so I'm happy it's one of my best. But many on here have massive stakes and are treated unfairly imho but importantly their rewards will be here soon I feel. However, clear errors by bod ought to be owned up to and they have put us where we are. I like what this business and the prospects it has for the future.atb
"The Company is aware of a number of inaccurate comments that have been made online concerning Resolution 2 that is to be proposed at the forthcoming AGM on 18 December 2014.
Resolution 2 concerns the rule in the Company’s Articles (Article 80) about the quorum needed for a members’ (shareholders’) meeting to proceed. A quorum is the minimum number of shareholders needed for a valid meeting to proceed. Without a quorum being present, a general meeting cannot be held.
For many AIM and Main Market listed companies, the rule is that a quorum can be formed by the presence of two shareholders and that is the default position at law under the UK Companies Act 2006.
The purpose of Resolution 2 is to remove an unusually onerous requirement in the Company’s Articles, which requires more than half of the Company’s members (shareholders) to be present to start a meeting. The effect of Resolution 2 will be to change Company’s requirement on quorums to any two members (shareholders), mirroring the default position under the Companies Act 2006.
For the avoidance of doubt, Resolution 2 does not: •lower the percentages of votes required to pass a resolution of shareholders present at a meeting (which will remain as a simple majority of votes cast in respect of ordinary resolutions, and a majority of at least two thirds of votes cast in respect of special resolutions); •affect a shareholder’s right to attend a meeting; •affect a shareholder’s right to vote at a meeting; or •in any other way, affect a shareholder’s right to participate in the affairs of the Company.
If Resolution 2 is passed, the Company will continue to be obliged to provide shareholders with notice that it proposes to hold a meeting (including an AGM) and shareholders will continue to be allowed to attend and vote at meetings in the same way."
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