The board of directors has the power to call general meetings and the majority of general meetings will be called by the directors (S302 of the Companies Act 2006).
The members also have the ability to demand a general meeting. Section 303 of the Companies Act 2006 requires the directors to call a general meeting once the company has received requests from members representing 5% of the paid up share capital those entitled to vote at general meetings of the company.
Under S304, the directors must call a general meeting within 21 days of receiving such a valid request and provide for the general meeting to be held on a date not more than 28 days after the date of the notice of the meeting.
If the directors do not call a meeting as required to do so, under S304, the members who requested the meeting, or any of them representing more than one half of the total voting rights of all of them, may themselves call a general meeting.
The Companies Act 2006 also gives the court the ability to order a meeting and where a resigning auditor has given a statement of the circumstances connected with his resignation, that auditor is also entitled to call on the directors of the company to convene a general meeting for the purposes of receiving and considering an explanation of those circumstances.
The main reason that prompted me to sell here was when the cfo sold all his shares last june... I got out at about 210 and it then dropped into 160s i think and i never bothered buying back.... (traded it once or thrise though)
The big money has been made here by the early birds as is always the case...
As frustrating as koovs is i hope i am one of the early birds.... Only time will tell! (lets not forget boohoo had early teething problems hence the massive drop in the early days)
Chaps.... As useless as i believe the bod are i am also very confident that Biyani will not allow them to lose 10 million pound (16 million when funding completes) of flfl shareholders money..... End game here is a buy out imo.....
Flf cannot allow this to go to the wall as if it did Waheed will own the lot due to his loan note...
Also Biyani wouldn't want his daughter on the board of a failed company so as long as she stays on the bod it's good news
We are due a trading update soon so lets see if they have performed!! If they have performed brilliantly i will commend them!! (shareholder interaction is still pathetic though)