I am stunned at the lack of substance in this challenge. Scant, vague detail. No real plan going forward and, from my perspective, the substitute directors don’t appear to offer a startling way forward. In fact, I’d like to play poker with these guys. They’ve bet the house on a pair of three’s! At least Garry offered a vibrant plan, which he communicated with enthusiasm. This made him an easy target when he didn’t execute it exactly. But as they say in the military, no plan survives contact with the enemy. Morrisons was a HUGE victory. *********, an unmitigated disaster. Overall, the victory outweighs the disaster by a considerable margin. Give ********* back to Tim the Toolman or close it down. Then concentrate totally on the true core of the business. And be open to mergers. There are two candidates I can think of where 1 + 1 could equal 3 or more.
Yes, if this is the sum total of the 5% argument, I will vote my shares with the status quo. and I do agree with Klogg, John Larsen should fall on his sword. There’s no place on the board for dissenters or disbelievers. What a sad, sorry and expensive episode.
SEQ Price at posting:
52.0¢ Sentiment: Hold Disclosure: Held
