Interesting viewpoints
@Bre Wolf and
@Legacy. Just because I have a different viewpoint from events does not make me emotional or irrational.
Not that I want to make this about me but a quick aside about my reasoning behind my disappointment and disdain for the events of last week and the repercussions today. Ten years ago after we made the decision to stop working after our share portfolios were bringing in more in dividends than our full time wages we paid a visit to a CFP and her barrister husband.
They carefully studied our investment property and share portfolio at the time that we had worked hard for over the years and after careful consideration recommend we sell everything up to invest into various managed funds that would of halved our returns and maximized their trailing and sign on commissions. I asked them a simple question at the time, are we in a good place financially for our age. Their answer was we far ahead of them despite them being 10years older than us and both of them being professionals with their own business.
That's when it dawned on us just because someone is a specialist in their financial domain doesn't mean you automatically assume they can do better than you. I did not place my trust in them as without a formal background in finance I could do better job of it myself so why place my money and future in their hands. Fast forward 10 years and thanks to getting into A2m at the start and having faith in the product and its management we are not in the top twenty holders but hold more than some of the instos holding on behalf of their many clients.
My concern is even though we have not worked for ten years and never had a multi million dollar annual pay day even we would not been forced sellers of a growth stock over any other stock in our portfolio. Even though A2m's phoned a poster here and told them the brokerage houses and instos claim they are fine with it, they really are not. If they are long on a stock and holding it on their books its not in their interests to slag the event or Jayne because it would depress the SP and affect their performance bonus.
I just cant get my head around someone who has made so much money and continues to do so be so inept in their own personal finances that they are forced to flog off such a large parcel of shares given to them weeks into their tenure like it was the only option open to them. How embarrassing is it to be spruiking your employers company as a growth machine but at the same time you are secretly flogging off your gifted shares making a complete mockery of yourself and the company you represent.
I get just as offended by others here saying its hers to do with with as she pleases because either they just dont get it or they are phantom posters trying to deflect how damaging this is to reputation of our CEO and our company's standing in the investment community. Just as I did not trust that CFP in our past I dont trust someone that has shown that she had no other option open to her other than to sell her complete A2m parcel in such a undignified way and to hell with the repercussions to other shareholders out there. If she cant get her own financial house in order after after all these years in earning tens of millions I dont trust she may of been the best candidate to be representing A2m at the highest level.
The company is bigger than any individual in its employ and I think its got a very bright future ahead of it and that why I have not sold down any shares. The way i see it she has sullied her reputation and the company's and despite them quietly supporting her in public the negative publicity and the fallout from her actions would not be going unnoticed behind closed doors. Like others have said if the next AGM this year or profit report next year is outstanding its more because of the work of her predecessors and the current BOD than her efforts to date. If the share price bounces back hard to new highs that fine and I expect it to happen.
I have never seen anyone at her level of profession ask for a such a huge advance in their new post and claim they need it now for a tax expense that any accountant can tell you is not due until mid 2019. Whatever the future holds no sane person can look at her actions last week as a show of strength of character. Why can we not admit to ourselves it was increasingly likely due to her having no other option due to her being inept with her personal finances whilst at the helm of a $8B dollar company.
Better days are ahead of us but regardless of new share price highs to come this event has left a indelible mark in A2m perfect management track record. Lets hope its her last major faux pas and she has purchased whatever she could not live without can concentrate back on the job she was employed to do.
(20min delay)