A few points about things I've seen mentioned in other threads
1 - In September I was offered a meeting with Barry Cusack, this was around September 12, when the EGM idea was being first floated and the first press coverage was given in The Age. Later this offer was withdrawn
2 - Around the same time, September, I emailed a lot of the long term holders, not one of them were interested in supporting the action, I have my beliefs as to why no one wanted to fix the issues then. Clearly had we acted then we would have been in better shape.
3 - The management dish out the costs of this action, $400,000 is actually a lot less than I had thought the costs would be. I think the EGM should be called for February if the directors & CEO don't resign. The costs could be clawed back by putting in a resolution to cut the director fees to no more than $1million. The number of directors should be limited to 5 by another resolution.
4 - Who are the culprits for the debacle, Michelmore + Hegerty, Cusack for not allowing shareholders to express the concerns as far back as July, Beevor the investment banker who did nothing for the company, I also note his degree is only a MA not a finance qualification as such. The CFO also takes responsibility for the incompetence.
So you have 4 board members to cut at least + the CFO.
5 - The Corporations Law, I never considered nominating myself for the board or directorship as I felt I didn't qualify under the guidelines and also I hadn't completed the ASX/ASIC company directors course which I think is a requirement also. I'm not a very legally minded person.
6 - The PR people either don't pass on the comments from shareholders to the board or the board are so far up their own backsides they choose not to do the honourable thing and resign. Many have been screaming for heads for 2-3months now. And some have been screaming for Michelmore for 5-6months. What makes you think they will change anything now?
7 - The email asking for formal letters to be sent seems to me that they did receive the 100 required by email or very close and are hoping people are lazy and will not follow through with the requests they sent.
The board is a boys club, they don't want to quit and no one will sack each other. They will stick the snouts into the trough and gouge whatever coin they can get from the company.
The only way to get them to resign is to call the EGM with enough people that they think the brand damage to their persona and future abilities to line their pockets.
OZL Price at posting:
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