AGM vote: No, No, abstain

AGM voting is now open and it's probably worth a discussions thread of its own. 

Recently small shareholders were contacted directly and urged to vote in favour of the director loans ... ultimately the loans were passed, but only just, at a special meeting that cost the company time, energy and money. 

There has been no acknowledgement from management about the disgruntlement of smaller holders to these loans and indeed very little commitment to taking on board the concerns of smaller holders - particularly as it relates to future raisings that involve dilution that does not include offers to ALL SHAREHOLDERS. 

Having secured company loans to convert cheap options, only weeks later we are being asked to vote on a renumeration report that increases salaries and also to add another 15% placement facility. 

In the event of the renumeration report going down the company would be facing a first strike and have to consider more carefully how it responds to shareholder concern in the year ahead. 

With this in mind, as a small shareholder I believe a NO vote to the renumeration report is in order - director loans were huge for these guys and as a company yet to sign any dollar deals there is no justification for a payrise on already generous salaries and allowances. 

A NO vote also seems right for the placement facility given we raised cash from fidelity and diluted shareholders only for that money to be taken off the books to fund director loans. 

Director Washer has bought shares with his own cash previously and it is for others to judge whether he could have done the same to convert his options instead of seeking company loans. An abstain vote would send a message that he is valued, but needs to recognise the legitimate concerns and needs of all shareholders. It also means we have oversight on how he disposes of his gifted shares. 

You can vote now online and I would urge all small holders to do so ... whichever way you intend to vote.