more low-ball options to the ceo, page-16

Link Market Services Limited is the share registry for ChemGenex.

Link MS mailed out the notice re. ChemGenex's General Meeting to be held on 10 Feb. 2011.

Normally business practice is for shareholders to mail Proxy forms back to the sender, the share registry, in this case Link.

The reason for this is so shareholders can have confidence that an independent organisation is recording shareholders proxy voting.

However, in relation to these controversial options to CEO Greg Collier, ChemGenex, your company, has chosen this return address:
Level 4, 199 Moorabool Street, Geelong.

Whose address is that?
The very company you are invested in - ChemGenex!

Who keeps the tally in this matter?

Can anyone for a moment imagine politicians as counters at a federal or state election?

Can CXS shareholders have faith that all will be above board?

Is this really the best our company can muster in relation to good Corporate Governance?

A few words comes to mind -
Trust, arms length, unbiased and independent process etc. are some of the ingredients shareholders expect from the Board of Directors of any company they are invested in.

With this ChemGenex voting process I smell a rat while left with these unanswered questions -

1. Why has our CEO, Greg Collier, who has a significant direct interest in the outcome of shareholders voting, chosen not to use Link Market Services as the return address of the Proxy forms?

2. Is it really justified that a special General Meeting is called for this one only resolution? Why could this matter of options to the CEO not have been carried over to the next Annual General Meeting?

3. With more than 6,600 CXS shareholders, one has to ask if the expense associated with this 11 page mailing is an appropriate use of shareholders funds?

Clearly, for what it is worth, my vote is a clear - "NO" !

.....and for the services of Australia Post, I will gladly pay the equivalent of the value of 1.25 CXS shares for my letter to be delivered direct to the office of our CEO - in order for my protest vote to be noted.

Will my negative vote be counted is another matter, which we are unlikely to ever know the answer to!