Does anyone have any direct experience of David Tweed's (National Exchange Pty Ltd) stock dealings? A Google search turns up plenty about his practice of trying to buy small shareholding off-market at below market prices and his failure to enforce the purchases through the courts. He sounds like a plausible scamster, and it's pretty clear that ASIC have a large eye on him.
I'm interested in direct experience because he's taking an interest in an LIC called Clime, which I hold. It IPO'd February 2004 with a large number of small shareholders. Tweed starting buying in about November 2004 and now has a bit over 8%, which puts him among the largest shareholders. He requisitioned an EGM in June, which he didn't attend, to try and get himself voted onto the board. That was comprehensively defeated (75% of the total register against!), but on Friday the company announced that he's requisitioned another EGM to try and get some changes to the constitution.
As far as I can see this is a new tactic in the Tweed kit. I'm wondering if anyone has seen him, or anyone else, do something similar and has ideas about what might be coming next.