Hope everyone is having good sunday and voted for the next AGM. Please vote irrespective of how many shares you hold (10 or 1000000) as every vote count. I just voted as below:
Resolution 1: remuneration report - reject
Resolution 2: Re-elect Dr Roger - Reject. He is the director since company did Panco trial and spend millions of dollar on the trial that was not useful for TGA or FDA approval and now company left on high risk to shareholder. He might be good human being and scientist but his time is up for this company .. IMO.
Resolution 3: Elect Mr Otto - For - We don't have choice as he was proposed. I normally don't support non-doctor/scientist background person as a board or chairman position for biotechnology business but in this case we don't have choice to vote for so voting for him is better then against as he already had big investment in the company... IMO.
Resolution 4: Incentive Plan - Against - Company has not sold anything in the europe where they have majority staff, they all paid well that is why without sell they already spend $10m as per last June quarter report. If approved then company will start giving staff shares left right and centre for their own decided milestone such as submit application for FDA irrespective of outcome of that application. They will start taking stock on loan as well.... basically once approved then board can decide who get what, which I fundamentally don't agree for the company where they literally went down from 18c to 4.6c in a year and now their product can't get TGA approval at the moment and FDA is still not clear... IMO.
Resolution 5: Nigel Lange Performance Issue - Against. - There are about 2.8m/2.6m shares for performance which is OK if he is delivering result for shareholders however the vesting criteria is the issue. In current proposal if he delivers 20% return to shareholders then he gets 50% of performance rights and if he delivers between 20% to 40% then he gets between 50% to 100%... lol. if they were fair then performance rights were directly proportionate to the return to shareholders and not what they proposed so rejection from me. ..IMO
Resolution 6: - Spill meeting - For - director want you to vote against this resolution as they don't want to lose their seats and they know that based on their performance they have not done well so people will highly likely reject remuneration report which is good if they resign if we can get 25% vote against remuneration report and so we can remove all directors...IMO
We don't have many big insto in this company so every retail vote count so please vote based on your understanding on each resolution. please read company announcement for detail about each resolution before voting.
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