After looking into the issue further, I think the question is not why is FRR doing this?, ...but rather the question is why didn't they do this a long time ago?!! It looks like FRR may have been caught 'sleeping at the wheel' here.
I think it's possible that the various placement shares have greatly broadened FRR's shareholder base, thereby making it difficult to reach a quorum as it's currently defined in the company's articles.
The problem they have now, as I see it, is that they need to have a quorum for THIS meeting, in order to change the definition for quorums going forward. It looks like FRR is clearly worried about achieving this, if they've taken to contacting individual investors by phone.
Once again, if it's true that this will bring them in line with other UK listed companies, which appears to be the case, then why the heck wasn't this done a long time ago? It seems it should have at least been done PRIOR to selling large numbers of placement shares
If FRR continues to expand it's shareholder base, then that would make it even harder to achieve a quorum for future meetings, which is why I feel it's important to pass this resolution right away to avoid more problems ahead. They even issue a warning in their AGM notice:
"..if such amendment is not approved, it could significantly impair the ability of the Company to operate properly."
People are certainly entitled to vote as they wish, but I'll be voting YES on Resolution 2.
Nevertheless, I view this situation as evidence of TERRIBLY POOR PLANNING on FRR's part.
The tone of the rns, now the board want something they are being firm noting it's affecting the running of the company, maybe they should learn a little & keep the shareholders (company owners) up to date & not 2nd guessing everything. Still positive 2015 will be fr r's year but had a Rye smile when I saw the tone of the rns, what goes around and all that.
And his band of merry idiots are pleased. Delay of 6 weeks due to sheer stupidity. Ibviously just my opinion. Still, it will mean we get to see nobull today. Nothing changed and a delay that's not the company's fault. ATB
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