it takes a big man to back down

What a pity the directors of Mikoh couldn't be like Rupert Murdoch who graciously backed down in the face of shareholder dissatisfaction in awarding directors free options. full respect to murdoch, can't say the same for cameron,atherton, halley and kaniry, too bad about the shareholders last year that supported the company in times of need and now ignored. wheres the free options for those shareholders??? what about the reward? stick it to them. treat them as they treat you.
I wonder who sold shares on the last run up? I wonder who will now get them at 5 cents? and why place at 5 cents if this transcore deal offers so much potential?? answer that one cameron. why make a placement on the eve of the launch of the transcore product?

http://www.smh.com.au/articles/2003/10/15/1065917484857.html


Rupert Murdoch bowed to Australian institutional investors in an extraordinary backdown yesterday, withdrawing a rich options package for News Corp executive directors, including his sons James and Lachlan.

The company had planned to ask shareholders at yesterday's annual meeting in Adelaide to approve an issue of free options, with no performance hurdles attached, to six of the company's executive directors. Mr Murdoch said the resolution would have been passed if he had exercised his own vote but decided not to.

Mr Murdoch's family company, Cruden Investments, holds 29.85 per cent of News ordinary stock.

"While the majority of the company's voting shares have been submitted in favour of the first special business resolution dealing with the grant of options to executive directors, an issue has arisen and I have decided it is appropriate on this occasion - on this occasion alone - that [the] resolution will be withdrawn," Mr Murdoch said.

"The issue arises because I am theoretically eligible to participate in the option plan though I do not participate in annual grants of options," he said.

Later, he told reporters he was surprised by the opposition to the options issue, particularly as institutional investors hadn't spoken to the company before casting their proxy votes.

"They didn't tell us their feeling because we are very, very conscious of shareholder mood and we have worked, God knows, how many hours on corporate governance regulations and provisions this year," Mr Murdoch said. "There has been some crazy misunderstanding here."

The Australian Shareholders Association - which had planned to vote against the resolution - said it was "pleasantly surprised" by News Corp's decision.

"I objected to the lack of non-performance hurdles for very, very significant options and very significant financial gains for the participants," said the ASA's South Australian company monitors chairman, Laszlo Somogyi.

"I still commend Mr Murdoch on this decision because 90 per cent of the shareholders live outside Australia," he said.

Australian institutions are thought to have followed advice from Corporate Governance International, which advised against voting for the resolution.