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Doug
This is governed by the Canada Business Corporations Act (R.S.C., 1985, c. C-44);
“When record date fixed
(3) If a record date is fixed, unless notice of the record date is waived in writing by every holder of a share of the class or series affected whose name is set out in the securities register at the close of business on the day the directors fix the record date, notice of the record date must be given within the prescribed period”
And
“note:Entitlement to vote
(3.1) A shareholder whose name appears on a list prepared under subsection (2) or (3) is entitled to vote the shares shown opposite their name at the meeting to which the list relates.”
Doug
That is quite a generous interpretation of the events of the present.
No reason to think that AM would engage in the same behaviour he did after the last 100:1 consolidation 2 years ago?
It also ignores the facts that AM has said he has no interest in a US listing when explicitly asked about it, as he said it has no benefit to the company and that the UK was COPL’s main market.
Glad to see much talk of everyone voting at the AGM.
Let’s add some clarification.
At the AGM, the voting will be done on each director on the BoD, as well as the resolutions to be passed.
The resolutions this year are:
- APPOINTMENT OF AUDITOR - Ernst & Young LLP
- APPROVAL OF NAME CHANGE
- APPROVAL OF SHARE CONSOLIDATION
Everyone should vote their shares so the BoD can receive a mandate from the majority of shareholders.
Further clarification; the senior management is not voted on at the AGM, only the BoD. It is then the job of the BoD to assess the management performance. Currently Arthur and his friends are assessing Arthur’s performance, a refreshing of the board would add much needed oversight and credibility to COPL.
The problem with the plan to pay off the bond, is the the Bondholders get final say.
If you read the details of the bond contract, the company has to send the bond holders a ‘cash payment notice’, so even if the company was planning to pay the bond of fully in cash this notice gives the Bondholders time to convert as many of their bonds to shares before the company pays them in cash.
So it is up to the Bondholders wether they want to convert or not, and even if the company wants to pay in cash, they can’t stop the conversions if the bond holders chooses that.