A
sharp jump in the price of struggling media group, Palamedia yesterday: the shares rising 0.9 of a cent to 3c
in active trading! Fifty thousand shares traded!

But why? Because there was a board spill and while major funder and director, John McNiven
is remaining on the board with a new director, the others are
out.

It’s detailed here.

“We
wish to announce that messrs
Champtaloup, Morgan and Hunter have resigned from the
Board of Palamedia Ltd with immediate
effect.”

The
statement says that Mr McNiven
will become interim chairman and Sydney finance specialist Nick Shannon has
joined the board and other candidates are being “vetted.”

The company also said that it had been forced to call an extraordinary general
meeting for the New Year and withdraw a number of motions due to be considered
by next Monday’s annual
meeting. That’s
because a highly defective notice of meeting has had to be withdrawn and
reworked to allow shareholders to vote on a couple of issues, including a
$50,000 fee to a company associated with Mr McNiven, that has advanced $1.8 million to the
company.

Details
of that loan will also have to be given as well as a “fair and reasonable”
opinion for shareholders other than the company advancing the money, Beardive Pty Ltd. These
votes will happen at the EGM next year.

Here’s
the statement revealing the dodgy notice of meeting and here’s the original notice of meeting.

That
$50,000 was a big whack of the $403,000 in cash and bank overdraft the company
had left at the end of September. It has
been boosted since by around $450,000 from the sale of a couple of magazines
which will relieve pressure on the loan. At 30 September, $1.34 million of the
$1.8 million had been used.