Rebel shareholders want MEC to foot the bill for meeting to oust directors
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A group of dissident shareholders that are trying to topple the board of energy investor MEC Resources have decided the company should pay for the general meeting to vote the directors out.
The group, which collectively controls 6.2 per cent of MEC’s shares, has now issued a notice under section 249D of the Corporations Act asking the company to call a general meeting for shareholders to vote on the removal of all directors.
A 249D notice means MEC and not the shareholders will have to pay all of the expenses associated with calling and holding the meeting.
The group previously issued a notice under section 249F of the Corporations Act, which requires the requisitioning shareholders to pay for the meeting.
MEC has previously accused former managing director David Breeze as being the instigator of the push to have the directors removed.
But Mr Breeze refuted the claim to Stockhead earlier this year.
Chairman Goh Hock noted that Thomas Fontaine, a nominee put forward by Mr Breeze and his associates, was unable to gain a seat on the board at a meeting in 2017.
“The company is yet to see any evidence that the appointment of the nominee directors will be of any benefit to the company and all its shareholders,” Mr Hock said.