DCL extraordinary general meeting to remove directors | radioinfo

DCL extraordinary general meeting to remove directors

Wednesday 21 May, 2003

Data & Commerce Limited has scheduled an Extraordinary General Meeting for Friday, 13 June to consider removing various directors, as the key players in the drama going on for control of the company try to force rivals out.

The meeting will consider the resulutions:

1. "That pursuant to Section 203D of the Corporations Act, Mr Ron
Hall be removed from the office of director of the Company and That
this resolution take effect upon the appointment of a replacement
director"

2. "That in accordance with Section 203D of the Corporations Act, any
person holding, or claiming to hold, offices as director of the
Company at the time this motion is put to members, be removed as a
director of the Company (other than Messrs Chatfield and Karantzis)"

3. "That pursuant to Section 203D of the Corporations Act, Mr R J
Chatfield be removed from the office of director of the Company"

The various players have given detailed statements in advance of the meeting criticising each other and justifying their positions. Peter Quattro said: "Chatfield did not then and does not now
have a plan for DCL."

In his statement, Ron Hall said: "DCL in 2001 recorded revenue of only $3.1
million (56% below prospectus forecast ) and an
EBlTDA of $329,000 (182% below
prospectus forecast...) Holders of DCL shares have suffered year by year through a series of poor results..."

In his statement Jeff Chatfield said: "
There are irreconcilable differences between Mr Hall and Advent Television's interests in relation to the investment... it is in all shareholders best interests that Mr Hall and Mr Quattro be removed as directors.

Having regard to the company's current financial circumstances and the operating
performance of the radio stations, we will submit for your further consideration before the
meeting a detailed plan concerning the company's investmmt in radio. This plan cannot be
summarised in the limited space that we have been 'allowed' in this Notice ...

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