I've had nothing to add until today when I received an official looking letter urging me to nominate Michel Glennon as my proxy. Took me a few seconds to go through it as it looks designed to make one believe its officially from Sequoia. I am sure the company lawyers will be all over that. Not sure why I would send my votes/proxies to a company called CFOplus?
Nonetheless it seems both sides have had a say and put their respective positions out there.
FWIW. In simple terms the Glennon/Jones Camp 1. are seeking to take two Board spots and add a fifth Director. Looks like control to me. And adding an unnecessary expense 2. have been buying blocks of shares. Why don't they make a full bid? 3. Want to get rid of the CEO but don't have a replacement. A search and replacement could take up to 6 months which would be expensive, diabolical for the business, advisers and the staff. As well I assume they would have to pay out the current CEO 4. Want to sell off some of the businesses which if lucky might take place over the next 12 months 5. Want to spend more money on the Professional Services Division run by Brent Jones (thanks Dad!) 6. I guess they want to make the quarterly presentations a bit snappier too. 7. Maybe they have made a deal to discontinue court action against Tim McG (we know who you are)
Voting for this is a recipe for chaos and would be one of the biggest own goals shareholders could possibly undertake
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)