It's because last year 26% voted against the remuneration report and if more than 25% vote against it again year, that will be two consecutive years > 25% which requires the spill meeting.
They are making their position clear that if they don't have shareholder support they will resign. The latter definitely being a much worse outcome for shareholders than just giving them the nod to their remuneration resolution.
Whilst I am not defending them, they have taken 3 months without pay and most do not get remunerated very well anyway, lifestyle company this isn't. However, their communication and bedside manner has much left to be desired. Hard not to hear: "Hey, LTHs go f&$% yourself"
Will be interesting to see if shareholders are keen to cut off their nose to spite their face. People are stupid so it wouldn't surprise me.
4DS Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held
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