@mushroompanda Nailed it! Great analogy.

There could be a bit of "It's my bat and ball and I'm going home!" going here as well.

Saw this earlier tonight: Here's Why Shareholders May Want To Be Cautious With Increasing Rectifier Technologies Limited's (ASX:RFT) CEO Pay Packet - Simply Wall St News

@Bear77 So one non resident director has to appoint at least 2 Australian resident based directors before the trading halt can be lifted. Should be easy to get a quorum at that meeting! Is that how this works? Or does this have to go to an Extraordinary General Meeting?

I think the Board can elect new "interim directors" who then have to stand for election at the next AGM - not sure how today's shenanigans affect that, in that today's AGM was a bit of a wash out by all accounts. It will be interesting to see if the ASX wants to probe the allegations made by the first three directors who quit about their serious concerns regarding corporate governance and also their serious concerns concerning a potential hostile shareholder. 

Not sure if a Board of just one overseas-based Director (who is also the Chairman) can appoint new directors however, considering the Board is not a compliant Board from the POV of ASX and ASIC.

Not quite @Rapstar - they need three directors, and two of those need to be Australian-based. They currently have 3 directors, and only one of them must currently be classed as Australian-based, because in their trading halt announcement, RFT said that the trading halt was "pending an announcement regarding the appointment of an additional Australian resident Director", so they believe they only need one more director, based in Australia, to comply. That was released AFTER the three directors who were up for election or re-election today had quit.

Edit: 2 more have quit. Director-Resignations.PDF One of them was the CEO. Only one left now - Ying Ming Wang.

They need a new CEO, and two new Australian-based directors now.

Another Edit: They do NOT need another CEO if the CEO has only quit the Board and not the company, as @LifeCapital has just pointed out - near the top of this thread.

@Bear77 Five directors quit now! This is getting interesting.

Sure is @Bushmanpat - one of the two that quit most recently was their CEO, so their Managing Director. It looks like the single remaining director, Ying Ming Wang, who is also the Chairman of the Board (and its only current member) is the cause of the issues, and is NOT based in Australia.