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MEC RESOURCES LIMITED — Board/Management Information 2017
Jun 20, 2017
65353_rns_2017-06-20_5fa5fc31-7c46-4836-a1b8-81057dff6520.pdf
Board/Management Information
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21[st] June 2017
Australian Securities Exchange 10[th] Floor, 20 Bridge Street SYDNEY NSW 2000
via e-lodgement
Dear Sir/Madam
NOTICE UNDER 203D OF THE CORPORATIONS ACT
MEC Resources Ltd (ACN 113 900 020) ( Company ) notes the ASX announcement released by Grandbridge Ltd (ASX: GBA) dated 20 June 2017 in relation to the purported giving of notice by GBA and certain associated persons to the Company under Section 203D of the Corporations Act 2001 (Cth) ( Corporations Act ).
The Company is considering whether the purported notice under s203D of the Act was validly given to the Company, and whether it constitutes a valid notice under that section.
No meeting of the Company’s shareholders has been convened at this time, and the Company has not received a requisition to convene a meeting . Consequently, no action is required at this time by MMR shareholders . GBA’s ASX announcement simply advises of an intent to convene a meeting of the Company’s shareholders under s249F of the Corporations Act.
Your Company notes that GBA’s last publicly released cash position described only approximately $2,000 in its bank accounts. In addition, GBA has been suspended from trading on the ASX since 1 June 2017, with a market capitalisation prior to suspension of approximately $0.6 million.
Furthermore, the Board wishes to advise shareholders that all the resolutions proposed in GBA’s announcement for appointment of new directors and removal of incumbent directors have already been put to the Company’s shareholders for consideration earlier this year. As such, the Company considers that any subsequent convening or requisitioning of a meeting by GBA and its associates to consider these same matters will not be for a proper purpose. Subject to legal advice, the Company intends to take the necessary action(s) to prevent any such further meeting from being held and further disrupting the Company’s ongoing operations.
The director appointments described in GBA’s ASX announcement were put to the Company’s shareholders at the extraordinary general meeting held on 16 February 2017, and were rejected at that meeting, as advised to the ASX on 16 February 2017:
| Resolution | Result |
|---|---|
| Appointment of Thomas Fontaine | Rejected– 56.98% of your Company’s voting |
| as a Director | shareholders voted against this resolution |
| Appointment of Anthony Huston | Rejected– 56.98% of your Company’s voting |
| as a Director | shareholders voted against this resolution |
MEC Resources Ltd
ACN 113 900 020 PO Box 882, West Perth, WA 6872 Level 3, Suite 2, 1111 Hay Street West Perth 6005, Western Australia T: +61 8 9245 6187 F: +61 8 9200 6193 [email protected] www.mecresources.com.au
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The director removals described in GBA’s ASX announcement were put to the Company’s shareholders at the extraordinary general meeting held on 9 March 2017, and were rejected at that meeting as advised to the ASX on 9 March 2017:
| Resolution | Result |
|---|---|
| Removal of Mr Hock Goh as aDirector | Rejected– 86.38% of your Company’s votingshareholders voted against this resolution |
| Removal of Mr K O Yap as aDirector | Rejected– 86.37% of your Company’s votingshareholders voted against this resolution |
| Removal of Ms DeborahAmbrosini as a Director | Rejected– 88.15% of your Company’s votingshareholders voted against this resolution |
| Removal of Mr Heng Yu as aDirector | Rejected– 86.36% of your Company’s votingshareholders voted against this resolution |
The Board welcomes shareholders’ comments and feedback. Please do not hesitate to call the Company on +61 8 9245 6187 or email us at [email protected].
Yours faithfully
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Goh Hock Chairman
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MEC Resources Ltd
ACN 113 900 020 PO Box 882, West Perth, WA 6872 Level 3, Suite 2, 1111 Hay Street West Perth 6005, Western Australia T: +61 8 9245 6187 F: +61 8 9200 6193 [email protected] www.mecresources.com.au