Observations on 3 AGM resolutions:
Agree with your conclusions, BlackPeter. I’ve constructed this table below of the AGM votes, calculating what % of total TAP shareholders voted the same way as the negative votes of NGP/Mr Yenbamroong.
It’s clear (see Column 3) that only a few (3-5) million of TAP’s 243 million shares voted against the resolutions, along with NGP/Mr Yenbamroong. If he were to go ahead with a Board spill I would expect even less shareholders would vote his way given NGP/his behaviour, on so many fronts.
BTW, NGP/he obviously didn’t pay the US$27million Default Notice within the 60 days, so the Operator will be pursuing that.
Column 1
Column 2
Column 3
Column 4
Column 5
0
Resolution
Votes
For
Votes Against by ALL OTHERS holding 79.88% of TAP’s 243,288,234 shares
Votes Against
by NGP/
Yenbamroong – 19.97% of TAP’s 243M shares
Comment
1
Re-elect Doug Schwebel
94,559,887
3,167,133
(ie. 1.3% of TAP shares on issue)
48,580,575
NGP/Yenbamroong vote inconsistent with previous indications not to oppose Dr Schwebel. Beware …
2
Adopt Rem. Report
77,879,909
5,628,634 (ie. 2.3% of TAP shares on issue)
48,580,575
-
3
Renew Proportional Takeover Provisions in Constitution
94,135,131
3,681,272 (ie. 1.5% of TAP shares on issue)
48,580,575
NGP/Yenbamroong voted down renewal of existing protection for smaller shareholders. Beware …
TAP Price at posting:
37.0¢ Sentiment: Buy Disclosure: Held