MFS resists EGM move
Troubled financial services group MFS Limited is seeking legal advice on whether it is required to hold a general meeting at the instigation of one of its larger shareholders, Chris Scott.
The company has notified the Australian Securities Exchange that MFS has been notified by interests associated with Scott that a general meeting has been called by him for April 7 under section 294F of the Corporations Act.
MFS said it was taking legal advice as to the validity of calling the meeting and that any shareholders that had received material from interests associated with Scott should “not take any action at this time”.
Reports have suggested that Scott is seeking the extraordinary general meeting to remove the existing board.
AUTHOR
Mike Taylor
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