" ... the Chair appears to have launched a vitriolic attack against the founder and largest shareholder.
In so doing, it is self-evident that the Chairman's position with Havilah is plainly untenable and it has come to an end, whether he likes it or not."
@chicodechico
Untenable is a good word choice, in my opinion.
I watched the whole unedited video last night at 5.05PM (including the 'open mike' comments from Martin Simon Janes at the 1:28 minute mark onwards, that captured clearly his voice, words and his image on video).
Based on the angry outbursts against Dr Giles by a number of people at the EGM last Thursday, it will be interesting to see if Trindal Pty Ltd ('Trindal', also the largest shareholder on the Havilah share register) either abstains or votes FOR "the removal of Havilah's independent non-executive chairman Mr Mark Stewart" at the next general meeting of Havilah shareholders (if the Section 249D notice is valid, and if an EGM is actually called).
On my analysis below Mr Mark Stewart is very much dependent on the Trindal vote to ‘survive’ as a Director of Havilah going forward, if previous meetings of shareholders (2018 AGM and February 2019 EGM) are any guide to the future:
VOTES at 2018 AGM on Resolution 9 (Election of Mr Mark Stewart as a Non-Executive Director)
Votes cast ‘FOR’ the motion 71,361,233 (65.45%)
Votes cast ‘AGAINST’ the motion 37,671,978 (34.55%)
If Trindal had abstained from voting, the motion would not have carried:
Votes cast ‘FOR’ the motion 29,415,559 (43.85%) – if Trindal had abstained
Votes cast ‘AGAINST’ the motion 37,671,978 (56.15%)
https://www.asx.com.au/asxpdf/20181214/pdf/4417812jw3rr7f.pdf
VOTES at 2019 EGM on Resolution 1 (Removal of Mr Mark Steward as an Independent Non-executive Director)
Votes cast ‘FOR’ the motion 55,607,922 (39.43%)
Votes cast ‘AGAINST’ the motion 85,426,200 (60.57%)
If Trindal had abstained from voting, the motion would have carried:
Votes cast ‘FOR’ the motion 55,607,922 (56.12%)
Votes cast ‘AGAINST’ the motion 43,480,526 (43.88%) – if Trindal had abstained
https://www.asx.com.au/asxpdf/20190204/pdf/442c4l3zxxlx63.pdf
This is not a question of whether Trindal can vote its current holding of 41,945,674 ordinary shares or abstain.
Trindal is entitled to vote at each general meeting of shareholders, just like any other Havilah shareholder!
Cheers
These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.
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