from the australian, page-2

I attended the AGM.FYI the company did start on negotiations at the start of the year to raise more funding, on more than one front and with the aim of preventing shareholder dilution.In common with many other companies their efforts failed, for one reason or another. The present SPP was presented as a necessity, not as a preferred option. There are many long term shareholders who really can't afford to let this company slip and it is in their interest to support the SPP, the alternative is not too attractive. My feeling is that most longtermers were aligned with that view.
The point was also made about the directors of this company forgoing their directors fees over the past few months( time not specified I don't think) and continuing to do so until they thought it reasonable to resume taking fees, again time not specified.This at a time when their workloads were vastly increased, and I for one am grateful for that. There was general discussion about other issues surrounding the company eg CEO salary( he received about half of what the hype suggests),directors allegedly not supporting the company by buying shares, there were mixed views on that but there was a view from the ASA that directors should be independant and therefore not shareholders.Others disputed that.A lot of the negative views that have been aired over the past year seemed to have no basis in truth,or taken out of context, as many questions were answered at this frank and open AGM. The company admits to mistakes, but these were not of the magnitude that should destroy all credibility, and I for one was satified with most, not all, of what was said.
There is no doubt that this company has faced some tough times,and there were many longterm shareholders who were hurting, but the company is so close to the line now that to let the company fail now would be a travesty. Those that support may be rewarded.They may have more to lose by not supporting it.
I disclose that I am a long term large shareholder, and I will be supporting the SPP in 3 holdings.