Wilderness Society spokesperson Leanne Minshull said that the settlement ensures that the EGM will go ahead and that shareholders concerned about Jabiluka are guaranteed the right to address and question the company's directors. Prior to the settlement North Ltd had intended to contest the right of shareholders to demand an EGM in the Victorian Supreme Court. North has conceded on all the shareholders major demands. Most significantly all 59,000 shareholders will now receive a detailed critique of the Jabiluka Project. Ms Erika Ford is one such shareholder.
Today is a great day for Australia's small shareholders.
We have secured the right to hold the EGM and to get some answers from North's board. Since the Jabiluka proposal was first put forward, a number of crucial factors have changed. The Asian economies, a future market for yellowcake, have melted down. Russian uranium has flooded the global market.