From: Chris Doran <[EMAIL PROTECTED]> 24 JUNE 1999 NORTH TAKES SHAREHOLDERS TO COURT IN BID TO STOP EXTRAORDINARY MEETING North Ltd has initiated court action against its own shareholders in an attempt by the company to stop an Extraordinary General Meeting questioning its investment in the Jabiluka uranium mine project. On 10 June, North gave less than 24 hours notice to one of its shareholders to appear in the Victoria Supreme Court. None of the other 121 shareholders involved were notified. The shareholder in question refused to participate. It was made clear to North it would have to deal with and inform all 122 EGM requisitionists. "I was very upset that I was singled out," said shareholder Janette Brown. "I thought it was very inappropriate behaviour. The court papers were literally dropped at my door by a courier, without even requiring a signature. I consider this a very unfair approach to me or any shareholder, to be given less than 24 hours notice requiring me to appear in the Supreme Court. It was absolutely by chance I was at home to even see the papers, and they easily could have gone unnoticed until well after the long weekend." North's court action is in regards to technicalities of the Corporations Law. North swore in open court at that time it would not pursue costs against any shareholders requisitioning the meeting provided shareholders assist in providing a nominal defendant, which would allow North to proceed with its court challenge. Ms Erika Ford, who holds over 3,000 shares in the company, has agreed to serve as the nominal defendant, providing the company guarantees in writing that neither herself nor any other shareholder will have to pay for any costs awarded against them. Ms Ford is presently awaiting a reply from North. "The question is not how much is it going to cost shareholders to hold an EGM. The question is how much is it going to cost North shareholders if the company persists with the Jabiluka project," said Ms Ford. "And that is exactly why shareholders have requisitioned an Extraordinary General Meeting in order to get that answer. The company appears willing to go to any lengths to avoid scrutiny of the Jabiluka project by its own shareholders." * Since the EGM was requisitioned, another 21 shareholders with over 135,000 shares worth at least $417,000 (share price 22 June) have signed the requisition materials, bringing the total to 143 and climbing. * In its media release dated 10 June, North Chairman Michael Deeley suggested it would be unfair to other North shareholders to pay the estimated $180,000 to hold an EGM. He did not mention that the company has already spent an extraordinary amount in legal fees to QC's to try to stop the meeting from happening. * North's media release stated "North seeks court advice on EGM". It neglected to mention it was taking one of its own shareholders to court. Again, the company is providing misleading and incomplete information to the public and its own shareholders. * Dr Deeley also stated that "as chairman of the Annual General Meeting scheduled for October I can guarantee a free and open discussion on all these issues as we have in the past." The purpose of an EGM is to address specific issues related to the accountability of directors and the company's constitution. The proposed resolutions and related materials would be distributed to all shareholders and voted on at a forum specifically for that purpose. This is a significantly different process than allowing a limited number of questions being asked from the floor at an AGM. * The legal proceedings are in regards to technicalities of the Corporations Law and concern the three resolutions shareholders have put forward to be voted on at the EGM. One calls for an independent financial report into how Jabiluka will effect North and shareholders' investment. The other two relate to having Principles for Responsible Development incorporated into the company's constitution to preclude costly mistakes like Jabiluka from occurring again. * The court hearing is scheduled for the same day (12 July) that the World Heritage Committee meets to decide whether Kakadu will be placed on the World Heritage In Danger List as a result of Jabiluka. "What does the company have to hide?" asked shareholder Robert Smith. Why not agree to an independent financial assessment? Why engage in costly litigation? Could it be that Jabiluka is a total loser and never has and never will be a viable concern?" "North will stop at nothing to avoid scrutiny of the Jabiluka project," said Wilderness Society Campaigner Chris Doran. "It will pay any amount in QC fees to avoid a process which will force them to answer direct questions about the project, because they know the answer is that Jabiluka is going to cost shareholders money." For shareholder comment: Erika Ford 0412 070 960 Janette Brown 0419 320 088 Robert Smith 02 9985 7789 For Wilderness Society comment and EGM materials: Chris Doran 0417 675518 ------------------------------------------------------- RecOzNet2 has a page @ http://www.green.net.au/recoznet2 and is archived at http://www.mail-archive.com/ To unsubscribe from this list, mail [EMAIL PROTECTED], and in the body of the message, include the words: unsubscribe announce or click here mailto:[EMAIL PROTECTED]?Body=unsubscribe%20announce This posting is provided to the individual members of this group without permission from the copyright owner for purposes of criticism, comment, scholarship and research under the "fair use" provisions of the Federal copyright laws and it may not be distributed further without permission of the copyright owner, except for "fair use." RecOzNet2 is archived for members @ http://www.mail-archive.com/
