You have written some very interesting comments. BUt there are a couple that may needs some addings to.
Your comments ar in "Italics" and my are in between in normal typing.
"1.At a meeting 5 shareholders present can request that the Chairman decide an item on the agenda by a show of hands of those present. Very powerful tool in the hands of small shareholders."
So far, I have no problems with that.
"2. A vote can also be decided by counting the number of shares held by those present at a meeting including proxies of those retail shareholders unable to attend but nominating someone on their behalf who is physically present. For example a friend,relative, solicitor the ASA etc".
With this part, although what you are saying is correct, you fail to mention that the Directors have told us that they will vote all of their holdings for the resolution. They have also stated that they have the full support of the big end of town, and that they will also vote in favour of the resolution. As retail shareholders we will have all of them voting AGAINST US and we are only the "smaller fish in the pond".
"3. An item is decided purely on proxies which advantages the large shareholders ( fund managers) as the retail shareholder base is usually quite apathetic and does not vote in any significant numbers."
Agree fully with that. Plus you may add the comments I made in part two above.
"So what I am saying is getting resolutions drafted and placed on the notice paper ( legal advice is required) and getting people to attend an EGM or AGM are your best weapons."
Again, I do agree with you on this comment. And the sooner someone can start the ball rolling, the better the chances of success.
Regards.
ESG Price at posting:
82.0¢ Sentiment: None Disclosure: Held
