Your statement to say "Still, the BOD also promised shareholder...

Your statement to say "Still, the BOD also promised shareholder returns ... still waiting. I expect to hear details of a proposed dividend schedule at the fore coming AGM ... a % x NPAT." is the clear reflection of those who allows board to sit on them !

No one stopped them doing this last year or six month before or a month before and come out with that before voting as it isn't as hard as portraited ! Many mining companies start talking about dividend well before they are getting into cashflow position only because they have management that prioritise every investor's return not just those who get 10.5% yield.

remember, if the oil price goes down so is the margin, however those who got their hand on 10.5% interest debt will get paid every six month. If something goes wrong further this guys will come asking CR from those who allowed them to sit on them as a way to reduce the debt (i.e. pay back the debtor first) !

Removing board who has not worked on shareholder return isn't emotional decision but it is wise decision and any clever person will take who value their own hard earning money.

What is really an emotional decision is "I am not sure what to do, let them give another year".

I would have personally changed my voting if the management had came out with clear dividend policy starting this August subject to gearing & NPAT maintained then there is clear evidence of board as good intention to provide return to shareholder but instead all you have is strategy and that is also after you vote for them !

remember to reject remuneration report so they get first strike no matter what your feelings are because that is the only way this people to understand that they lost one lifeline and second strike will kick them out. rejecting remuneration report won't replace board but it gives them clear warning to do it or face it.