Markie, I'm not sure I agree with you..but feel guilty even raising it because iI don't have an alternative answer...other than Roger is slowly skinning the cat for wafer thin margins.
Here's why I think the small shareholder vote theory doesn't stack up.
On a straight 1 share 1 vote basis, the top 20 shareholders control 83.02% of FKP...which makes you wonder who is selling to Roger and/or who is lending Roger their scrip!
On a straight show of hands basis they know how apathetic small shareholders are...and I've certainly been guilty here myself.
The last fin report suggests there are 10,121 shareholders...but a whopping 3,175 of these hold less than a marketable parcel...so they checked out years ago and almost certainly won't vote.
If there is a battle going on, it will be amongst the 3,500 shareholders holding 10,000 or more shares (pre consolidation). I really don't think this is the case.
As I see it, one of the big 4 are complicit in Rogers actions and this is sad..
On another note, getting the gong for worst performing company on ASX in 2012 is a sad indictment for FKP directors and managers. Well done Peter "Cardigan" Brown...and Mr Lee, no more bullsh...decisive action NOW!
I intend writing an email of displeasure and I would urge all shareholders to take just 5 minutes and do the same. These guys have broken more promises than the US cavalry in their dealings witth the Indians.
Hang on, a poor metaphor! We're the Indians and also the ones who have been scalped and laid out on the ant bed in the blazing sun!
Tick-tock, tick-tock...time for action, action, action!
FKP Price at posting:
$1.03 Sentiment: Hold Disclosure: Held
