Latest Sandon letter to Holders., page-48

This vote isn't just about dividends. It's much wider than that.
Here we have a superciious, smug, moribund group of directors who have very little personal shareholdings in the comoany they lead, who have paid themselves more than hansomely and recklessly, whilst investing those funds elsewhere, and who want to continue this most rewarding charade well into the future.
Their reaction to those who have called 'Enough' amply demonstrates the bullying tactics most commonly used by Empire Builders - ignore, belittle, avoid, attack. Botten needs a couse in 'diplomatic engagement with shareholders'. He certainly comes across as arrogant, even dismissive.

I have to say the letters by ST and **riel R are coherent, they advance logical reasons for why they feel as they do and let's face it, they aren't asking for much - and what they are asking for isn't unfair.
Simply, provide us with a clear decision as to returning money to shareholders - makes sense, afterall KAR trades at a substantial discount to listed Aussie producers who do pay a regular dividend.
Give is a much better incentive plan for management so that they are rewarded for efforts above and beyond, because the previous ones are really 'on the nose' easy towards the management team. That's why that Director (chair of remuneration committee) should go, pure indulgent incompetence.
Yes, this entire Board should go. Who Dat is a disaster in the making, low quality at best. The financing around it was dumb and the latest Bond issue is almost scandalous at 10.5% - interest rates are on the way down and we negotiate at the top of the cycle fro moeny we won't use for at least another 6 to 12 months. Plus, giving this Board access to a massive cash hoard is like providing the injuns with booze and guns! Who Dat suggests We Don't
No, I want May 23 to to be a day when shareholders beat the crap out of strodgy, pin-stripped Italian suited Directors. Its time.
Go ST and Sandon. Let's give Goliath a hiding to remember.