AGM done... EGM pending?

Bob survived, but the challenger regrouped and was eventually victorious... ah yes, the old Hawke/Keating battle of the early 1990's...

my take on yesterdays AGM is similar... although the battle was won, the war is far from over.

unfortunately I was late to the AGM due to the train chaos caused by the storm the night before. As such I was unable to cast my votes in the first four resolutions... perhaps that was lucky for the board and maybe they should send V/Line a crate of Champagne in appreciation?

regardless, the amount of angst in the voting results is obvious to anyone willing to look & interpret the results for themselves. I mean, if Pegasus only had a 2.54% holding, then someone please explain why so many votes were cast in accordance with the voting instructions in the Pegasus letters??? (i.e. against resolutions 1 & 4 and in favour of resolutions 8, 9 & 10)

if Bob, his team, and the KAR cheerleaders think they can rest on their laurels they are sadly mistaken IMHO. I expect there will be an EGM called in the next six months unless Bob makes serious concessions and/or peace with the agitators.

with regards to Mr Weinzinger I was impressed to see him at the AGM to present his case. I was further impressed to see that he stayed afterwards and was open to discussion with ordinary punters (myself included). Bag him all you like, but he is doing the right thing by his investors, and although I don't necessarily agree with some aspects of his campaign, I respect his right to voice his discontent. One thing that concerned me was when Mr Weinzinger challenged Bob about his written denial of their relationship, Bob did not respond at all. At the very least an apology or clarification should have been forthcoming from Bob? Mind you, we never got an apology or clarification about the "imminent" farm-in. 8(

having been involved with activist shareholder actions before, I expect Mr Weinzinger has voiced his complaints in private to the company beforehand - his gripes are clearly not new gripes, so I can only conclude that a lack of action by Karoon forced the hand of Pegasus to take a more militant public stand. Public defeat may be an embarrassment for Pegasus, but I expect it will only harden their resolve against Bob.

don't expect a great drill result in Brazil to be the panacea to the current issues, because this saga is far from over...

cheers, Gripen

p.s. GZ - you say no one else asked any tough questions of the board other than Mr Weinzinger - maybe not directly, but I asked an seemingly innocuous question that was discreetly tough. Sadly, due to the answer that was given the answer itself was perhaps "self-incriminating" of some of the corporate governance issues that Pegasus are so upset about...