Ive addressed this issue a number of times. The answer relates to the simple fact that the two directors we are seeking removed have been hand picked by Mr Sheard and have known Nick for many many years. We believe in order for the company to grow the board needs to be more balanced, more representative and most importantly, needs to have skills tailored to the situation the company now finds itself in.
CAP did not offer us anything. We asked for two as part of a broader proposal. The subsequent offer, made after the calling of an EGM was seen as disingenuous and as i said before, we did not make the request on a stand alone basis. Mr Sheard cannot simply choose the items that were acceptable to him.
One question for you, if i may. Why is it unacceptable for a holder of 19+% of the listed equity to have 40% voting rights, but acceptable for the current management, with 10%, to have 80% voting rights? Your logic loses me somewhat.
I do not suspect this will change your vote, but you asked the question and these are the answers.
CAP Price at posting:
21.8¢ Sentiment: Buy Disclosure: Held
