Ann: Results of Meeting, page-13

Looking at the results this board is on notice and the doubling up of performance rights is now this boards poison chalice. Are they getting too greedy given the level of remuneration for the size of a non income earning entity. Sure the company has a prize asset but that is owned by the shareholders.
The votes against the remuneration report was just the first shot I believe. Get ready for more action.

There is no need to wait for 12 months for a 2nd strike if another 5% of the companies votes can be brought to the table to spill the board under a 249D action. That 5% could be obtained from existing shareholders via share purchase or providing better options via a new group to 5% so CVN is unlikely to stagnate going forward waiting for FID. Sure a 249D will likely see a greater vote turnout than a third of the companies votes such as the AGM but the disagree votes where there against every resolution.

Agitation can be good and it can be bad but I have the feeling that shareholders are frustrated with the wait and when management go for the grab to benefit themselves at that time they should and sometimes are shown the door. The question is did management overreach with preference shares for themselves..

I think over time that question will be answered.