Here is an offer for you - I have decided to buy your car at the VWAP for that make and model and post out a letter saying you have a certain time to respond, and it's incumbent on you to post something in the mail that you want to retain your car, you must ensure that your banking details are updated etc etc otherwise the car becomes mine after a certain date. Sounds like a deal right?
Yes I am aware that in this case the default/automatic "opt-in" or "do nothing" results in a sale of the shares and return of capital, Thats fine for those who want to take that option, but my issue is that I wanted the other option, the retain the shares option, in which case here is a bunch of hoops that I need to jump through for that to happen.
If paper forms need to go out for legal requirements that's fine, that doesn't preclude them from spelling the name of the company correctly or giving people options to retain the shares that are normal business practices of the 20th Century, on the online election of preferences, or an easily identifiable way of making a selection that isn't subject to the whimsy and failures of Australia Post. Not everyone lives camped out next to their mailbox, some shareholders might be working away from home, busy doing other stuff etc etc
I have seen other companies do online shareholder communication /offer selections all electronically, the way it should be done, or at least an option, sure if you like old school telegrams/smoke signals, cheques and letters in the mail do it that way, some people might prefer that, but other people might not. What are they paying Boardroom Pty Ltd to do anyway? Spelling mistakes and omissions? Maybe its a Boardroom problem and not a BYE, but if so it dosen't seem like BYE are getting very good value for money.
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