Dirty Jack : @Captainfrom82
The shareholder approval rules for material asset disposals should be changed after the start of implementation, i.e. 13 August 2019:
"25.2 Material Asset Disposal - SIHNV shareholders' consent
(a) SIHNV does not comply with any provision of, and within the time periods provided for in,
Clause 22.36 (Material Asset Disposal - SIHNV shareholders' consent).
(b) The articles of association of SIHNV are amended, or obligations or rights otherwise imposed (save as a result of any change in law or regulation), after the Implementation Commencement Date in a manner which in any way reduces the threshold for requiring SIHNV Shareholder Disposal Consent for a Material Asset Disposal or increases the level of consent required from SIHNV shareholders for a Material Asset Disposal or otherwise renders more onerous, compared to the position at the Implementation Commencement Date, the need and requirement for seeking and obtaining SIHNV Shareholder Disposal Consent for a Material Asset Disposal.
(c) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within five Business Days of the earlier of (i) the Agent giving notice to the Parent or relevant Obligor and (ii) the Parent or an Obligor becoming aware of the failure to comply.
(d) No Event of Default under paragraph (a) above will occur if the failure to comply is due to a failure of the Parent to provide all of the information reasonably required by SIHNV to perform its obligations under Clause 22.36 (Material Asset Disposal - SIHNV shareholders' consent)."
You can read this in the 1L and 2L documents of SEAG and SFHG.
Has this already been implemented?