Originally Posted by
assasin
...
The board had no option but to vote out LKH due to the asx investigation/questioning, ...
The board has voted LKH out of leadership roles.
However, LKH, as someone who holds 5 percent or more of the shares of the business, has exercised his right under S.249D of the
Corporations Act 2001 to call for a general meeting of shareholders to vote on removing all the independent directors plus non-executive director Lee Thian Soo, and have two of his mates installed as directors. The board has to convene that meeting, but not until as late as 12 September. So, at that point, the shareholders will have the final say on whether LKH runs the show or not.
On the basis that the business would likely be in administration when that shareholder meeting is finally held, I expect that LKH will seek some form of injunctive relief to prevent the now standing board from appointing an administrator prior to the outcome of the shareholder meeting.
Again, back to the Zen Master, "We'll see."