Ann: Resignation of Prof. J Ross Harper , page-16

52% of the total shares on issue, it is a high percentage of votes that took the time to vote, as it is usually only about 25% to 30% of the total shares on issue, at best, that bothers to vote at any AGM's/EGM's, while most of them are usually just donkey votes that gives their proxies to the Chairman to vote as he/she pleases.
That says something IMHO. That also shows the discontent that the Shareholders in general had of the old Board and wanted to change things.

You also made a comment as to how many people bothered to vote. Well I don't know if you realise/know about it, but there are many investors that have their shares, IN ANY COMPANY, NOT JUST IN APG that are tied up in Financial Institutions and/or super funds that are managed by a totally different and separate entity to themselves. Most importantly though, these Institutions never bother to vote in any resolutions put forward by any company.

I have myself queried this fact in the past and I have been advised that, as the shares they represent are held by a multitude of different investors, and that they don't know as to how and which way each and every investor will want to vote, they refrain from voting altogether. And to me, after speaking to them, I have come to realise that they have a good argument for doing what they do.

I think that I am qualified to say what I have written above because I hold three different portfolios. And one of them is held and managed by one of those entities. I do still have a say of some sort however on which shares I want to buy or sell.

As for that person disputing the vote claiming that it did not represent a majority of the total shares on issue, well that is not uncommon. It is rare, but not uncommon. Especially when there is someone related to the person that gets the boot, and he/she is only expressing concerns at the result. And/or he/she didn't have a clue about what is written in the Corporation Act.

Lets see what this new Board can do. Only then will we be able to determine if we have done the right thing or not. IMHO we have, but it is now up to them to show that we did the right thing in supporting their move.

I can't speak for any other, but that is the way I feel about it.