I have held a reasonable holding in OBJ/WFL for a number of years, spread between my personal holding and my SMSF.
I don’t know if other share holders have had the same problem, but for the last capital raising and the current AGM, I didn’t receive any notification or documentation, either electronically or in the mail, for either account
On each occasion I have had to contact Atomic, who manages the share registry, to get the appropriate documentation sent to me, so that I could exercise my rights as a share holder.
The cynic in me suggests that it is a deliberate act by a board, with questionable ethics, to limit share holders from firstly partaking in the discounted share offer and then minimise the votes from non aligned share holders, with regards to the proposed performance rights for the board.
Even if it isn’t, it does show that the company has not taken appropriate care to ensure that all share holders have been provided with important information in a timely manner and given the ability to take action.
This, in my opinion, is another indication that this BOD is not giving the interests of all share holders fair and balanced consideration, which surely is a primary obligation for the boards of all publicly listed companies.
I believe at this AGM, it is of utmost importance that the board is put on notice that many individual share holders, the majority of whom have lost a considerable amount of money through their investment in OBJ/WFL, have lost confidence that the board is in fact acting in the best interests of all share holders.
Accordingly, Performance Rights should not be considered until we have firm evidence that the company is becoming commercially viable.
They are currently being more than sufficiently rewarded for where they have taken the company.
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