Where do we start with this turgid response to shareholders genuine concerns and consequent proxy voting? For a start lets look at the wording: apparently we are voting to "support management". No mention of the Board; even Sexton et al realise they're on the nose with holders so better divert/distract attention. Looking through the Notice and its recommendations we are indeed being asked to support the Board and the status quo.
As to the 5 points made in recommending AGAINST the spill, lets take them one by one:
1. The statement conflates the occupation of a single Board seat with change of control of BFC
2. Apparently all key management will resign en masse for better opportunity which is doubtful given current economic circumstances and BFC's singular reputation in destroying shareholder wealth and its product sales record. Indeed some should be shown the door.
3. Loss of Board independence: I'm uncertain whether the writer lacks a sense of irony or has a wonderful sense of humour: directors are hand picked and beholden to our glorious Chairman.
4. Loss of key customers. High value product is apparently flying out the door* to customers who will stop purchasing (* this is inconsistent with BFC's P&L statement since.....).
5. The Board provides such valuable advice and direction to management that the spill will result in a loss of momentum in turn jeopardizing strong consistent earnings and free cash. This or similar catchphrase has been used in every annual report since year dot. Yawn.
Now to the p**s poor record of support from Kunteng and Dashang in selling or developing sales & markets in China & Korea. Hells bells this has been going on for years it seems and apparently the main reason why every attempt at improving our financial performance has failed. Well you could knock me over with a feather esp given there's been no such revelation in Annual Reports etc to date. The failure to fulfill these reported obligations and their importance to the well being of BFC would indicate highlighting these failures as significant events.
And finally, given our current trading and diplomatic relationship with China is in tatters, this an exceptionally opportune time for Sexton to scratch our prejudices (lets face it, even the most enlightened of us have one or 2 - mine's Sexton) and remind us to "beware the Chinese takeover by stealth"?
Having read through this Notice and left my votes against the RR and for the spill untouched, I'll now retire early to contemplate 2021 with the added optimism that BFC will emerge from its shadowy past and reward shareholders with the strong and consistent earnings and profits long promised but never delivered.
Anyone for a strong drink?
Where do we start with this turgid response to shareholders...
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