Voting: It's obvious that at least one and perhaps two major holders attempted to spill half the board. Add to that some disgruntled small holders and the numbers are accounted for. It was simply a no vote to whoever was up for election.
The amusing part of the exercise was that whichever major share holders were intelligent enough to try to forcibly remove the directors who actually created the company also voted against Vern Tidy but at least one voted for his options. Go figure!
The real question of course is why did they want directors removed and why did they chose to do it in this way. Usually, you remove a director to replace them. Because of the way this was done it's not yet clear who it was or what their motive is but it could make for interesting times. If we end up with two factions in the major share holders it could put some competitive tension on things further down the line.
The existing directors of course have an obligation under Australian law to run the company for the benefit of all share holders. ie no insider knowledge going to any share holders on a favoured basis etc. Independence of the board is crucial for good decision making that will favour us small fry. I have heard comments that we will see some changes in the board structure over the next year.
AVB Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
