4DS Memory Limited has declared invalid a shareholder notice seeking to remove Executive Chairman David McAuliffe and other directors, rejecting calls for an extraordinary general meeting.
- Shareholders FYNAA Pty Ltd, Sue Balagiannis, and Damen Diamantopoulos seek director removals
- Notice under Corporations Act section 249D deemed invalid by 4DS board
- Request targets removal of David McAuliffe and potential future directors
- Board not obliged to convene meeting absent valid requisition
- Company pledges to update shareholders on material developments
Background to the Shareholder Notice
On 18 November 2025, 4DS Memory Limited received a formal notice from a group of shareholders expressing their intention to remove Executive Chairman David McAuliffe from the board. The notice, submitted by FYNAA Pty Ltd, Sue Balagiannis, and Damen Diamantopoulos, collectively holding over 5% of voting rights, also sought the removal of any directors appointed after the recent Annual General Meeting, excluding those elected at that meeting.
Company Response and Legal Grounds
However, 4DS swiftly declared the requisition invalid under section 249D of the Corporations Act, citing procedural non-compliance. The board has stated it is not required to convene a general meeting based on this invalid notice. Legal representatives for the requisitioning shareholders have been informed accordingly, underscoring the company's firm stance on the matter.
Implications for Corporate Governance
This episode highlights underlying tensions between certain shareholders and the current board leadership. Director removal attempts, especially targeting a key figure like McAuliffe, often signal dissatisfaction with strategic direction or governance. Yet, the invalidity of the notice suggests either missteps in the shareholders’ approach or a possible strategic maneuver to unsettle the board.
Looking Ahead for 4DS Memory
4DS Memory, a semiconductor innovator with patented memory technology, remains focused on its technology roadmap and shareholder communications. The board’s commitment to keep investors informed of material developments indicates vigilance but also a desire to maintain stability amid shareholder activism. Whether the requisitioning members will submit a valid notice remains to be seen, and the company’s governance dynamics will be closely watched.
Bottom Line?
4DS Memory’s board stands firm for now, but shareholder unrest could resurface with valid challenges ahead.
Questions in the middle?
- Will the requisitioning shareholders submit a valid notice to force a general meeting?
- What are the underlying reasons motivating the push to remove David McAuliffe?
- How might this dispute affect 4DS Memory’s strategic initiatives and investor confidence?