Here is what I can distill from Richard's email: He emphasizes...

Here is what I can distill from Richard's email:

1. He emphasizes that Pattinson (the most recent CEO) was a great CEO, and that he was in effect dismissed.
2. He emphasizes that this will not be an easy win, and so all shareholders need to vote.
3. Richard's selling of virtually his entire stake, when he did, was driven primarily by tax considerations. When concessional capital gains tax were introduced in the 90's, he held his stake under a Pty Ltd arrangement. He says he should have sold his stake back then, and repurchased under his own name, for these tax reasons. He was however was flat out building the business, and put this off.
4. He finally, more recently, bit the bullet when he sold his shares and incurred a painful capital gains tax. At that time he was very optimistic about the future of IFM, and began building a stake under his own name. However, as he became more uncomfortable with the IFM board, he halted his share purchases.

Remember, if you agree with Richard and Graham, you need to do three things when you vote:
- select Richard Graham as your proxy.
- vote in favor of Graham and Pollard
- vote against all the other directors up for election

Mars