Chapter 278
A heavy silence permeated the room, the air thick with unvoiced tension.
Wayne, his brow furrowed in displeasure, addressed the man at the head of the table. "You've arrived late even for a shareholders' meeting, Alexander. Do you truly believe you still hold the right to that seat?" Alexander swiveled his head to meet Wayne's gaze. "The meeting was scheduled for half past nine, and it's merely nine now. Is that considered tardy?""Everyone else has arrived. Are we expected to delay proceedings solely for your convenience?""So, you've begun in my absence?"
Alexander retorted with a cool indifference. "Proceed, then. Where did you pause? Voting, wasn't it? As a shareholder, am I not entitled to cast my vote?"Wayne didn't mince his words. "Didn't you resign? We're in the midst of choosing a new CEO. Since you've graced us with your presence, feel free to voice your opinion."His next words were a clear indication of the result. "Regardless, the voting is concluded. Even with your vote, the tally stands at seven to six." Alexander fell into a brief silence before a chuckle escaped his lips. His laughter, in such a tense situation, seemed inconceivable to the others. With a casual wave of his hand, Alexander signaled Kyle Astor, who promptly understood and brought forth a document.
Alexander tossed it onto the table with a declarative statement. "Then, it's time I exercised my rights.""According to the bylaws, ownership of more than 34% grants veto power. Regrettably, I've just surpassed that threshold with 35%. Consequently, I declare your vote null and void."
The announcement incited an uproar amongst the shareholders, with Wayne being the most affected."How...how is this possible?"
Wayne stammered, snatching the document and flipping through it in disbelief.Wayne initially held a 50% share, but he had distributed some. Between Freya and Alexander, they held thirty percent, and he'd gifted Kaitlyn another three percent.All content is © N0velDrama.Org.
This meant that even if he reclaimed Valerie's shares, he'd only possess twenty-seven percent. This was the exact reason he had convened this shareholders' meeting instead of directly appointing the CEO.He had thought himself astute, confident that even after distributing shares, he'd remain the majority shareholder, with Valerie's shares virtually his to reclaim at any time.
He needed a successor, and Alexander's competence had impressed him, leading to his decision to allocate shares.But by the time he recognized the peril, it was too late.
Wayne could count and recount, but he couldn't decipher where Alexander had acquired the additional shares.Freya's and Kaitlyn's shares amounted to a maximum of 24%. So where had this 35% originated?All the shareholders were present.
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An extra ten percent from where?"Could it be that you..." Wayne began, but Alexander cut him off with an enigmatic smile. "Mr. Landry, you can ponder over it later. For now, we need to address the company's pressing issues."
"Since we're discussing elections, let's revisit what Mr. Landry just mentioned. It's true I had contemplated resigning previously, but considering Mr. Landry's current contributions to the company, his shareholdings, and the company's policies, he no longer qualifies to serve as the chairman of the board."
"According to the bylaws, the individual with the largest shareholding percentage should assume the role of chairman. So, it's quite evident who should occupy this position."
"Alexander, you're crossing a line!" Wayne exploded, slamming his hand on the table, causing a water bottle to topple over.Unfazed, Alexander continued, "Oh, and let's not forget that according to company guidelines, any director who attempts to manipulate the decision-making process by influencing shareholder votes or interfering with company operations-seriously violating the board's regulations should be removed from their position and stripped of their board membership.""In the spirit of fairness, let's put it to a vote. "Alexander, leaning casually against the edge of the table, slightly lifted his hand and said, "All in favor of removing Wayne from his position and the board of directors, please raise your hand."Wayne's face twisted with fury. What rule violation? It was nothing but baseless accusations! He was hell-bent on expelling him from the board, wasn't he?