It means a recommendation backed by the BOD "the re-election of Axel Hoos" was voted down at the AGM with circa 20% of shareholders, with 1 Billion votes, voting against the motion.
It was done in a very public forum, the AGM.
The implication being that the BOD should not assume matters put to shareholders will attract automatic endorsement.
It means potentially a significant block of shareholders have exercised control in whom is appointed as Non Executive Director, against the express wishes of the BOD.
There are only a limited number of entities controlling sufficient numbers of shares to enable such an action to be executed without knowledge of the events amongst the broader church of shareholders.
One could also ponder the consequences of such an event if the matter being voted on was say a renumeration report or issuance of new shares for example?
It will be intriguing to see whom the new NED appointment may be, as well as what transpires with subsequent director re nominations?.
The speculation has been that a group of major shareholders didn't like the perceived conflict of interest with Axel being appointed CEO of scorpion?.
IMU Price at posting:
52.0¢ Sentiment: Hold Disclosure: Held
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