Ann: Fenix Board Appointment, page-193

good digging Mal.
I am glad you brought this up. I had forgotten how Welborn was actually appointed.
Newhaul didn’t have any shares to vote at the 2021 AGM nor the EGM for JW appointment.
i think much more likely, based on the evidence of the AGM votes and subsequent EGM votes, that Welborn was recruited by Fenix to fix a problem.
Until you identified this I had forgotten that JW was appointed because the previous Directors were voted off by the shareholders !!! that is a highly exceptional event and is almost always associated with management being on the nose and/or some other major problems that major shareholders believe needs correction and urgent intervention. Certainly an embarrassing failure of the previous management to have two directors including the Chairman voted off!
I agree with many here that the subsequent “resignation” of the very high cash salary paid Rob Brierley is not a coincidence. Seems he was a dead man walking. The more interesting question is why? From the outside it is not clear but perhaps the original Newhaul JV contract was so wildly balanced in favour of Newhaul, as designed and implemented by RB, that intervention was required. Where else does the $10/t saving come from but from the Newhaul JV share of the profit margin that was way too generous. Either that or there was some other reason he and his cronys had to be shown the door.
The shareholder votes in question (2021 AGM and early 2022 EGM) where before any share issues to Newhaul and so would appear to be motivated purely by major Fenix holders. I also note JW was re-elected at the 2022 AGM with all resolutions carried.
Welborn couldn’t have recruited himself or made up his own incentive plan. I agree it looks less and less like Brierley recruited him. So who did?
And is this why you are so emotionally vulnerable to Welborn?
A good question for you to pose to the next AGM perhaps?

We all know you are very very unhappy about all of this and that you believe Welborn is totally incompetent. Tell us all again.

Like the shareholders who matter, and as I have told you many times, I am a supporter of JW and I am glad he has righted the Fenix ship. The company has improved, costs are down, growth is on the agenda, staff are happy and I think the company is going to do well. Which, as we are both holders. is good news for both of us!