Charlie I think your approach is the right one. Probably the best thing to do is to gauge support for an action group. Anyone interested can declare their holdings. I will post something later on iii and let's see what support there is.
Count me in guys - I too have held for over 2 years and would like some answers from or "Chairman"! I emailed months ago asking about the websites pledge to deliver results to shareholders and also asked what RMP had done to adhere to their corporate strategy over the past 2 years.
I'm not after a witch hunt just some answers - What are our next steps then guys???
I suspect ultimately the chairman placed pressure on Pete, although matters may have been helped by the fact the Range shareholders formed a shareholders action group.
My view is that if something is done about Bandy, then it is done in incremental steps. It looks like 10% of shareholders backing is required - if that is obtained then Bandy should be approached to open a dialogue and to ask him to engage with whatever is wanted. If that fails, then you go down the path of requesting a meeting. Anyhow, just my view.
Anyone know the events that led to a new CEO at Range and Peter Landau being forced out. I agree that Bandy needs to step up and show how he will deliver shareholder value going forward and a willingness to communicate with shareholders, or step aside and let someone more capable take charge. I have been a holder of these shares for over two years and hold 3.2m. I understand that any positive development in Puntland will see these rocket and that is why I continue to hold, but it is time that Bandy is held accountable for the persistently low share price over the past two years.
Members' power to require directors to call general meetings (sec303 - sec304) The directors must call a general meeting if so requested by the holders of 10% of the voting shares (or 10% of the voting rights if no shares). If at least 12 months have elapsed since the last general meeting called under this section, the request may be made by 5%. The request for the meeting must state the general nature of the business to be dealt with and may include the text of a resolution to be moved at the meeting (provided the resolution would not be ineffective (e.g. under the Act or because contrary to the company's articles, etc., and provided it is not defamatory, frivolous or vexatious). If the request is properly made, the directors must within 21 days call the meeting for a date not more than 28 days after the date of the notice calling the meeting. If the request included a proposed resolution, that must be included in the notice, which will then be part of the business that can be conducted at the meeting. (If it is a special resolution, the notice of the meeting must say so, in accordance with sec283, above.) Members may call meeting at company's expense (sec305) If the directors do not call a meeting as properly requested under the above sections, the members who requested it (or half of them, by voting rights) may call the meeting themselves, for a date not more than three months after the date when the directors were required to call it (i.e. 21 days after the request was made - see above). The meeting must be called in the same manner, as nearly as possible, as meetings called by the directors. The members calling the meeting can claim any reasonable expenses they have incurred, which the company must deduct from any remuneration that would have been paid to the directors. (Under the old law, the company had a power to do this, but was not required to do so.) The court may order meeting (sec306)
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