Ann: Change in substantial holding from HHL , page-3

  1. 8,109 Posts.
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    Cafa,

    That issue with Dr Gray has also crossed my mind recently.

    It may be a problem in the future for the reasons you mention.

    The current board have not put a foot wrong and all shareholders, even those with small holdings need to be vigilant and make sure at the next AGM we all support and vote for them, otherwise Dr Gray could get the necessary 25% to overturn them and have himself reinstated.

    While I am not fully aware of exactly what happened between Dr Gray & the present board, I am aware of the court cases etc and there is obviously bad blood between them.

    Given the outstanding and ongoing performance of SRX under CEO Gilman Wong and the present board, I would not want there to be any change.

    ...............................................
    Extract from a recent article from Business Day.

    Rapidly expanding biotech Sirtex narrowly avoided a ‘'second strike'’ vote from shareholders at its annual general meeting this morning, with 75.01 per cent of shareholders supporting the remuneration report when it was put to a vote.

    The remuneration report was rejected by shareholders at last year’s annual meeting in a ‘'first strike'’ vote, prompting concern the report would be rejected again today since a single shareholder with an 18 per cent stake in the company, its founder Dr Bruce Gray, is alienated from the board.

    Dr Gray voted against the adoption of the report at today’s meeting, but his position was not suppported by sufficient other shareholders to give the company a ‘‘second strike’’.

    A second vote against the remuneration report results in a ‘spill’ of the company’s directors.

    Earlier, Mr Peter Hall, a fund manager who controls an estimated 27 per cent of the company’s capital, had told the Herald he would vote the board back in if the remuneration report was voted down at today’s meeting.

    Shares in Sirtex have risen steadily in recent sharemarket trading, amid rising investor optimism in the outlook for the company’s novel cancer treatment.

    Sales of the company’s radioactive ‘'microspheres'’ rose 37 per cent in the September quarter, positioning the company for a further year of buoyant earnings growth this financial year.

    Key stockholder backs Sirtex board

    THE largest shareholder in medical devices company Sirtex, the fund manager Peter Hall, has vowed to ''vote back in'' directors of the company if shareholders again oppose the remuneration package at its annual meeting tomorrow.
 
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