Extract from TRY announcement to ASX of 12 July:
Your Directors hereby call on RAMcap to withdraw its request for this frivolous meeting of shareholders. Failure to do so with see the Company spend scarce shareholders’ funds on an administrative matter of no consequence.
RAMcap responds as follows:
We will withdraw nothing in connection with this pathetic invitation from TRY directors. That is because RAMcap has no effective legal capacity to do so and any competent corporate lawyer would so advise. If the corporate office of Troy wants now to circumvent the statutory force of Section 249D then it can make contact with the 173 TRY requisitioning shareholders. Maybe a sufficient number will withdraw their request.
That will not dissuade RAMcap from considering a fresh initiative to:
replace Stern and Jones [remuneration in 2018: $227K (Stern) and $78K (Jones)] with 2 RAMcap nominee directors;
terminate the services of company secretary Kaczmarek[ remuneration in 2018 of $311K ];
replace PricewaterhouseCoopers as auditor [ we consider the Dec 2018 impairments inadequate and do not believe that the Guyana assets had a realisable value of $78m on 31 December 2018];
and move the TRY corporate office to Sydney.
RAMcap will reduce non executive director annual remuneration to $200K . These initiatives will therefore save the company annual corporate expenses of at least $300K .