It appears the type of resolution is the arguing point.Dont ASIC know the answer to that question?
I thought it would require at least 75% being a "special resolution" rather than an "extraordinary resolution"
Mr Bolton said the voting requirement to pass the wind-up resolution was unclear.
ASIC, he said, was contending that the Corporations Act required an extraordinary resolution, or the approval of at least 50 per cent of investors eligible to vote, while the BrisConnections constitution called for a special resolution.
Assets flow from the lazy or incompetent to the industrious or smart.
Assets flow from the lazy or incompetent to the industrious or smart.
Except GG, the BCSCA has been a unique 'five letter' share. Never seen anything like it.
The announcement says that they are in a trading halt to stop people selling their shares on the mistaken belief that doing so would remove the liability???
How is that meant to work? If you sell on market you cant possibly be made to pay the installment.
BCSCA also say that a trading halt is necessary to stop "market disruption" a bit late, it cant go any lower.
there is a real risk that some unitholders who may not intend to meet the second installment may attempt to trade their stapled units mistakenly believing that this enables them to escape the obligation to pay the second installment due on 29 April
So are BCSCA trying to imply that even selling shares on the open market wont remove people from the liability?How can the ASX let them halt trading now when it did nothing when this was all unfolding. Too damn late!
That is a quote from the ASX release. I read it as saying selling your shares on through the ASX would not remove the liability. Therefore they have been placed in a trading halt to stop last ditched attempts by unitholders to offload stock.
How do others interpret it?
If selling on the open market doesn't remove the liability - then perhaps the same logic could apply to the the mums and dads who bought them on the open market.
Trevor Rowe is a director of ASX.How can the ASX let them halt trading now when it did nothing when this was all unfolding.
BrisConnections said on Monday it has received material information from one of its underwriters regarding a potential approach towards unitholders and their obligations to pay instalments.
Trevor Rowe is a director of ASX.
Sunder,
According to your arguments, it would be illegal to sell to MQG's $2 company because that entity is known to not have the assets required.
brty
I don't think Sunder wants to talk about that - but if he does, it will be interesting to see if he justifies something that he might otherwise consider fraudulent.
So are BCSCA trying to imply that even selling shares on the open market wont remove people from the liability?How can the ASX let them halt trading now when it did nothing when this was all unfolding. Too damn late!
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