Economy
MyState: Disturbing stories
BILL GODFREY
Since having a letter published in the Mercury, I have received several calls from distressed members of myState and have heard a number of very disturbing stories and allegations. These include members who have been told they are not entitled to vote for no clear reason and the well publicised allegations of papers being sent to deceased people. It seems clear that myState’s records are in sufficient disarray that the proposed meeting should be postponed at least until a full audit of members’ voting entitlements and records has taken place.
I have also heard strong suggestions that the families of certain members of the Board have substantial shareholdings in TPX the proposed partner company.
This last, if true, is extremely serious: it raises the possibility that a small group of people could put together influence on the TPX vote (of 32.5%) with two or three shareholdings of less than the limit of 10% and take complete control of the new company. The possibilities for personal profit would be very large indeed.
At minimum, we need the Directors of myState to declare publicly whether they or members of their families do have any significant interest in Tasmanian Public Trustees Ltd.
I am sufficiently concerned that I am preparing a document in accordance with Sec 249d of the Corporations Act to require the directors to call a General Meeting of members to deal with these concerns. 100 or more members can, by written request require such a meeting. I would be happy to hear (as quickly as possible) from anyone who would like details and may be interested in signing the document.