Software developer Mincom appears to have stymied a bid by unhappy shareholders to force a boardroom shakeup.
An extraordinary general meeting forced on Mincom by the dissident group of shareholders will go ahead on Wednesday, August 1, but expectations are that the meeting will result in a victory for the current board and easily thwart attempts to install Melbourne businessman Wayne Bos as a director.
The event will be over "in about one second", predicts Mincom chairman David Graham.
Members of the rebel group do not dispute Graham's assessment. Bill Hodgson, one of the shareholders with whom Bos has proxy agreements, said it would be "a total waste of time" to attend the meeting.
Recognising they could not muster the numbers, the dissidents recently withdrew their request for an EGM but the decision came too late to call off the meeting, a Mincom spokesperson said.
"We are confident we have the numbers to defeat the resolutions to remove David Graham as chairman and appoint Wayne Bos to the board."
Mincom wants the meeting out of the way to clear the decks for ongoing efforts to attract new investors willing to pump about $50 million into the company.
It is understood that Mincom's board will be presented in the next few weeks with a short-list of prospective investors that are interested enough to perform more detailed due diligence work.
Last month Mincom triggered a preemptive rights process which would allow other existing Mincom shareholders to acquire the holdings of the dissident faction.
The proxy agreement with Bos has an exercise price of $2.50 per share which would value Mincom at nearly $70 million.
That is about one-quarter the market valuation for Indus International, a US company similar to Mincom in size, products and revenues, which is listed on the Nasdaq Exchange.