grinding down, page-5

Just had a look at what activity announcements THX have issued in the 12 months ending 31/03/12. 16 were issued in the 6 months to 30/9/11 & 4 since then. Gee I'm glad these INCENTIVE options we issued to the directors are really working. Mind you I'm probably being unfair as their options are only equal to 21.7% of the issued shares-hardly enough to warrant actually producing results.

It is also interesting reviewing the voting that got them their options. If you take Crabb as being one of the "clique" the directors have a voting bloc of 27.5m shares - 23m being Crabb. Whilst they couldn't vote for themselves they could vote for each other & Crabb could vote for all of them. The average votes for each director was 31m votes & the average against was 8.5m. They all received almost the same number of votes except DeMarte who has 2.0m more votes than the others and his share of votes was - guess - 2m less than the others. Taking out their cross votes for each other they received 3.5m votes for versus 8.5m votes against. Hardly a ringing endorsement for support.

These guys are just riding the gravy train and need to be removed but the concerning statistic at the AGM vote was that only 41m votes were cast = 26.5% of the total achievable. Taking out the directors (+ Crabb)votes only
13.5m votes were cast = only 10.6% of the remaining available votes.
Shareholder apathy at its best & that ladies and gentlemen is why we have these non-performing directors safely ensconced pigging out at the trough with impunity.