I attended the AGM today and also ended up voting as per...

I attended the AGM today and also ended up voting as per R.Grahams suggestionsafter a little bit of thinking.
He and Mr. Pollard were not elected with results being around 80%/20%.

I knew the decision to cast my vote in favour of old schoold guys or current board was a double edged.

Lot of IFM personnel (incl. Mr. Pattinson) have worked for the company for a very long time compared to many other tech companies and IFM is old fashioned in many ways. This might indicate good in a sense that people have it good working there, but it also sometimes mean that fresh ideas are lacking and new talents are not hired. In my opinion, this contributes to a bit slow ability of churning out new features and versions. Especially with large product integration projects. Having said that, I know there are a lot of talented people working for IFM too.
So possibly the new board and new CEO could shake up things and see things from new perspective. This remains to be seen.

The good thing is that IFM has genuinely great products and they are going (IMO) in the right direction with them.
So even a bad board management won't necessarily destroy this fact (unless they start doing something totally catastrophic).

However, what troubles me the most, was the presentation of the just re-elected board in the AGM today.
First of all, they sat behind their table like school kids who've just got caught smoking and are waiting to be disciplined and most importantly, knows they have done something wrong. Even their faces were red!

Board members gave speeches and responded to allegations by Mr. Graham as well as some questions from the audience in a way that had absolutely no substance and was total corporate bullshit with lot of words but nothing said. When R.Graham (knowing the result of the proxy votes) used his turn to address the audience, it ignited the whole crowd.
The current board didn't (again IMO) show any pride, enthusiasm or anything that would have assured me that they have things under control.

I am also quite sure that if the board fails to win the hearts&minds of the management team, or the new CEO will be a failure, there will be some key people that are going to be looking for new opportunities.


I will give time for this board before making a decision to sell, but not for too long.

Also, I am far from being an expert in accounting, but Mr. Pollard to my understanding has been bit of a wizard in hedging and I think the current CFO has failed to make advantage of the weak AUD considering a lot of revenue comes outside of Australia.