Forum Archive Index - October 2000

[Roy <baldman@internet-auditor.com>]

I am waiting on a legal opinion on a number of matters relating to the Fl etchers  AGM on the 2nd.

I understand that FFS shareholders are an Interest Group under Section 116 of the Companies Act and that this Interest Group has not been given their rights I quote Section 117.

117. Alteration of shareholder rights---(1) A company must not take action that affects the rights attached to shares unless that action has been approved by a special resolution of each interest group.

If this is found to be true then under Sections

173 Representative Actions

169  Personal Actions by Shareholders

165 Derivative Actions

and 137 Directors Duty of Care

I belive that a "class" action can be taken against the Directors of Fletcher Challenge with regard to their proposals.

Any other  FFS shareholders want to join in this challenge? and yes it might cost you a couple of bob to join in, to help defray the costs. However you will get more satisfaction than being treated as a poor relation at the AGM.

(The legal stuff is at website)

http://rangi.knowledge-basket.co.nz/gpacts/public/text/1993/an/105.html

PS. I hate seeing the little guy get "screwed".

"I Trade therefore I am"
Zen Trader philosophy

Roy