hc feeding frenzy, page-26

mmmm I thought as much....it shouldn't need explaining having been covered in previous posts, but it's no mystery.

You, having made clear you are a large, long term investor, (the rest of us are all day traders and opportunists), would know that if enough shareholders take the risk of remaining with the status quo, as against the risk of replacing the Board, the next 12 months is no less critical, if indeed MEL were to survive that period.

If I was a serious investor in MEL from a long time back, and decided to give the incumbents even more time to figure out their strategic plan, I would want as many forms of insurance available to me as I could, in the event it deteriorated even more, and I realised my decision had been wrong.

Therefore NOT to vote down the Remuneration Report at THIS opportunity, (capitals for emphasis, NOT shouting), would remove one of those safe guards straight away, wouldn't it?

What I am saying, to be completely fair, (irrespective of arguing the case for alternative Directors), is WHY wouldn't you want to try and insure your decision to some degree, given the very real risks each side of the debate see in the other?

Voting down the Report the first time is non-binding on the management, but remains on the record to establish the precedent for next year, should they continue to fail shareholders.

Under the two strikes policy, were a majority to decline to accept the Report (Item 1 - non-binding) at this AGM, then at the AGM in 12 months time a similar vote by some (by then) REALLY pissed of shareholders WOULD make it binding, thereby forcing all the Board to vacate their positions.

Legislators have put this rule in to place for just this very situation Metgasco has been spiralling towards wpa.

I choose not to wait another year, my assessment of the risks either way decides me thus. But as I have said somewhere before, I respect that you have to make the same call, and no-one else can (for you) :-)

I sincerely hope I have put it as well as I can. I'm off to bed, schlaf gute.

Lilac

* NB: This is not to be taken as an attempt to influence wpa's investment decisions, simply sharing (as he/she asked), one of a number of aspects that go into my particular view on the current situation at MEL.

** This is intended as part of a strategic discussion, conducted entirely distant from the fundamental or technical aspects of the MEL business as a financial investment. It could, and does, apply to any Company.

*** Furthermore if this post is considered as "bordering on financial advice" as wpa has alleged broadly of these threads then it should be TOU'd immediately on that basis.