The Company advises that further to today's AGM, Resolutions 2, 3, 4 and 7 relating to the re-election of Rory Scott Russell, Graham Lyon, Christian Bukovics and Marcus Edwards-Jones were not passed.
All other resolutions were passed save for Resolutions 13, 14, 15, 16, 19 and 20.
As the Company's Board now only comprises two individuals (David Riekie and Ian Olson), and not a minimum of three as is required to be validly constituted under Australian law, the Company shares have been suspended from trading on AIM. A further announcement will be made in due course.
If only the Australian NED's are on the board what happens next? Do they run RRL from Australia without a quorum, I don't think so, or do they bring in administrators. I suppose it is down to the large shareholder/s who saw their chance and engineered this.
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