A strong rebuke has been sent to the current management team and board.
Pleasing to see this is substantially over the level required for a board spill if it happens again, and such a large percentage shareholders voted against it that a number of the big holders who typically get direct calls from the company on their voting intentions (and all the access that goes with it) have voted against the company regardless of any lobbying.
What can't happen is for management and the BOD to cosy up to large shareholders, provide rights offerings (or whatever) that preferentially favor the big investors at the expense of the small investors in order that there is not a second strike against remuneration.
No matter what kind of shareholder you are small, large, sophisticated, or institutional we all have an interest in seeing the share price appreciate and dividends go up. The current management supported by the BOD has indicated they don't care about shareholder return and large bonuses will keep flowing regardless of how much money shareholder lose. All current and prospective shareholders need evidence this approach has stopped and what is being done to address it.
Personally I think OSH has great assets and is undervalued but why would I buy shares in a company where the management team is incentivised regardless of its failures?
OSH Price at posting:
$3.80 Sentiment: None Disclosure: Held
