AGM Voting

So, at least on the forum, more people (and shares) have expressed that they voted 'no' to the performance shares than were tallied in the AGM. This potentially suggests that some information did not make it to the AGM (for what ever reason). I am no bleeding heart, and I made sure my votes counted by attending the AGM - I found it useful being appointed as a proxy (I can't see any reason why you can't appoint yourself as a proxy, this allows your votes to the listed separately and not consolidated with the Chairmans votes and guarantees that your votes are counted as you wish).

The numbers expressed on the forum likely won't make a material difference to the end result anyway (greater than 50% is needed for general resolutions), so that is approximately 50m required to overturn the vote. So for next year, I recommend either attending the AGM or appointing a proxy that you know is attending. If you voted by mail, this could have potentially led to your votes not making it in time, or not at all. Digital voting would be easier to trace if you take a screen shot, or keep the reference number and would be much easier to track that it was received and incorporated.

I am happy to collate votes if you want to email me [email protected] - but for this to have any meaning it would largely involve you needing to remove the anonymity afforded by this forum (i.e. provide actual details of your holdings). If this is not acceptable, then my only advice is to take steps to make certain your votes are counted next year - each of you always has the option to sell in protest as well I suppose.

Let us hope we get some real shareholder return over the next 6 - 12 months and the issue of these performance rights and options will become a distant memory. If the share price manages to go up significantly over the next year or so, I suspect any emotion currently attached to the issue of the performance rights will be quickly forgotten.

Despite the issue of the performance rights, I still think the company has good prospects and I will continue to hold. I Won't buy any more at this stage until I see how we progress over the next few months, but I am still excited about what could be in the future for us and CXO.