This is one for the snipers and naysayers, an alternative perspective; While I understand the 2018 AGM was a protest vote; which I supported; all shareholders need to have a good hard look at why they would want to do this again. Directors - may be technically in control but they are all non-executives except the MD. They act on recommendations from management who really run the company. - Is this board really that bad? - There is reportedly an objective to find a high profile chairperson - If you sack them no director worth his salt will entertain joining. - Who will you you replace them with and how will the new directors expertise be any better than the current incumbents? - The company is actually run by MD Leon Devaney and his management team, which appear to be excellent. Apart from the odd sniper attack, there has been nothing but praise for the MD. - What are you really going to achieve by sacking the board and causing a spill motion? - What is worse, keeping the current board or creating instability? Management Share Options (non-director) - Expensive, yes! Peanuts and monkeys scenario - term reduced to 4 years - why is this unfair? - it is common for management to be given incentives. Should they be blamed for the past? - From all accounts a very impressive team MD rights and options - Well paid, yes! - the ultimate performance of this company is riding on his shoulders - why shouldn't he get rewarded further for results that add value to the share price? Spill meeting - what will this achieve apart from gross instability?
Before you all start bleating, have a long hard think about what it is you are unhappy about and if voting against the resolutions will really fix it, apart from you feeling self-satisfied for five minutes.
Denny Crane
CTP Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
