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Investor Relations - News
Legal Proceeding Against RCR Tomlinson Co. Ltd
BackDec 06, 2004
| The Board of Directors of MTQ Corporation Limited (the "Company" or MTQ Corporation") wishes to announce the Company has, through its subsidiaries in Australia namely MTQ Holdings Pty Ltd and MTQ Engine Systems (Aust) Pty Ltd, initiated legal proceeding against RCR Tomlinson Ltd ("RCR") in the Supreme Court of Western Australia seeking orders declaring void the conduct of the company at the Extraordinary General Meeting ("EGM") of RCR held on Friday, 3 December 2004, in declaring the resolutions considering the proposed share placement to be passed upon a poll. The Company was denied its rights as a shareholder to properly scrutinise the voting process and was also denied the right afforded to it under RCR's Constitution to challenge the validity of votes cast at the EGM. The Company is of the view that the proposed share placement in RCR may not be in the best interests of RCR shareholders. Bennett & Co in Australia has been appointed as the Company's legal counsel for this legal proceeding. The Board will keep shareholders informed on the progress of this legal proceedings and will make further announcements as when appropriate. |