Instead of moaning on Hot Copper about the Management performance, we should investigate what can be done to bring pressure to bear onto current management and directors. (As an aside, I had another 'dog' stock where the management were treating the company like it was their personal 'piggy bank'. I communicated a few times with one of the substantial shareholders. He was also unsatisfied with the performance. The substantial shareholders fronted the Chair and CEO. Bottom line is the two have gone and things are on a far more positive trajectory.
The substantial shareholder appears to have not updated their substantial shareholder notice for a few years yet they have been diluted by the regular share issues.
Cartovista (and a Shayne Raymond Douglas of Cottesloe) seems to have been a holder back when Pointerra Pty Ltd was 'back door listed' in about 2016. That was when IO came on board. Mr Douglas may have been one of the vendors of the original Pointerra back door listing). My guess is there is some continuing connection between IO and SD and his company named Cartovista.
Also, I cannot find any update from IO's spouse for her substantial shareholding even though there have been subsequent share issues.
Now the point of this is, to issue a 249D notice to the company to require a shareholder meeting at which a resolution would be to remove IO as a director and terminate his employment, there needs to sufficient shareholders (Cartovista is needed as a minimum) to remove IO.
One comment IO made to me in the last year was that Wesfarmers is happy with the way Pointerra is going. I seem to recall that Wesfarmers backed one of their small seed businesses into Pointerra for some shares. Are they still a holder. Are they really satisfied? How many shares do they currently hold, if any?
Section 249D - "
the Company received a request from shareholders purporting to hold greater than 5% of the shares in the Company, for the Company to call a shareholders meeting pursuant to s249D of theCorporations Act(Cth) 2001 (s249D Notice) to consider the removal of...."
Substantial shareholders are per the last annual report
The Top 20 shareholders in the last Annual Report follow.
To bring about change, shareholders need to track down and gain support from shareholders holding sufficient shares to gain the board's attention.
I am in the eastern states so shareholders in Perth are needed to track down Shayne Douglas (he controls Cartovista) and any other persons in the Top 20 listing who are not aligned with IO.
