I disagree. What was in the AGM to vote against. Go back to the prevous meeting and see the votes against the directors options. See the vote against extending the con notes.
Go to the vote on Jeff"s options. I can tell you where the bulk of those votes against came from.
The issue is the board carry the support of the largest holders in the top part of the top 20. Then again, they get front row seats to any discount raise.
Alot of long term holders have exited in the last rise or just recently (frustration and fatigue). My gut feel, after being here many years, is that many actually believed the board worked for them and would succeed. However after being shafted they just sold.
The big turning point was the Regal raise soon after giving guidance (which has never been corrected) that they didn't need money to meet C10 commitments. Hell, the C10 founder sold his holding about a month back at 22-24c. However, he was a relative short term holder. Pretty bad when your key people use the stock as only a trade.
VOR blew a fairly tight and loyal shareholder base and it is now a relatively loose and unwieldy register. That works in managements favour, as any coordinated shareholder action is near on impossible. Seems a good end result for them. Most who believed or gave a stuff have moved on. They took Jeffs advice and sold.
I stay simply for my own morbid fascination.
Cheers
VOR Price at posting:
19.0¢ Sentiment: Hold Disclosure: Held
