meeting feb 10, page-21

I had started selling last week for a quick profit as I had topped up a bit between 14 and 15c...

http://hotcopper.com.au/post_single.asp?fid=1&tid=803815&msgid=4448491

I have since continued to sell bits and pieces to fund my purchase elsewhere. However, this latest saga is the final straw in my book. Even though I am still bullish on the value-add potential of its assets, I have now become so disgruntled with the management (JK) that I have decided to sell most of what I had previously intended to keep as longer term holdings - consistent with my change in sentiment. My holding is now down from around 3% to just a fraction of my overall porty. In addition, I sold down 200k of oppies yesterday, and am now holding just 400k of mostly free oppies. In doing so, I have effectively trimmed my exposure to any long term upside - with my exposure limited to 12 months (unless I exercise my options before they expire), but I have also freed up much capital to invest in a market that has many other undervalued companies with quality asset AND management.

After 4 years, JK is effectively the same blood sucking, self-serving MD who holds little regards for the shareholders. I some time wonder if he truly believes that shareholders need to pay for his royal presence on our board (even if it is royally useless). Even if the incentive option scheme gets voted down this time round, the nature of the beast will not change until JK is removed. I recall when he rang me during the Smith siege, and he sold me all that smooth talk about royalty, etc. JK is an idiot, but I have been an even bigger idiot for believing the bugger had half a decent bone in him.

Anyway, still hold a token amount of heads and a decent chunk of oppies, but largely insignificant now. Good luck to the rest of long term holders here (wasa, skitzo, kentbrock) and the more recent and very enthusiatic newcomer of tui!

Cheers,
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