Shareholders are sending their proxy votes to the APG Progress Group to support the 2nd strike.
From reading Hotcopper posts – it seems that APG shareholders believe that a strategy of voting over 25% Against the Renumeration Report, will cause a spill of the board, and allow a vote for new directors.
But, APG shareholders are wrong if they think only a 25%vote can change the board.
Only Rob1000 had it right with his 9/11/19 post:
“Also thisstrategy as a I posted before with voting the second strike make no sense.
My understanding is. In itself it does not spill the board.It triggers a spill motion to be voted on the same day. This vote requires thenormal 50%, not the 25% for the strike. If you fail the directors are returned.If successful they have 90 days to call the meeting and then you still have towin that vote.
The notice of meeting doesnot include the spill motion, so to me it is defective”
Only False9 responded to Rob – but his moderated post was just a personal attack, and did not address the issue that Rob raised.
This is the process that should be followed.
A vote of over 25% Against the Renumeration Report, will then require a "spill motion " to be voted on at the AGM.
If over 50% of the vote supports the "spill motion" then the directors must stand down, and a new vote to elect directors must be held within 90 days.
This is the problem
If over 25% vote Against the Renumeration Report, then a "spill motion " is required to be voted on at the AGM.
Though an unfortunate oversight on the part of company - shareholders have not been given the opportunity to vote on the "spill motion" on the proxy form.
Bad luck for APG shareholders who wanted to vote to change the board.
Wilcox
