"A savvy board and ceo would have responded to the close loans...

"A savvy board and ceo would have responded to the close loans vote followed by a close renumeration vote with open ears and real shareholder engagement."

Can you be more specific - how would you have preferred that they engage?


" To entertain sumi and kill any fuji buzz was just yet another missed opportunity to sell their story well."

I agree that Ross could use some assistance with corporate communications. But I don't think the board had much choice but to "entertain sumi" once a proposal for a scheme of arrangement with a proposed $2 price was put forward - the board had a fiduciary duty to engage with that and to see if they could come to an agreement on acceptable terms in my opinion. To do anything else would be to risk shareholders saying they hadn't done their jobs.

I can't see how the sentence I've quoted makes sense to be honest as the Sumi offer came in whilst Fuji still had an option. If anything the Sumi offer might have increased the chances of Fuji taking up their option because it showed that if they did not a competitor might.

After the AGM I suspect that some shareholders are going to be disappointed because the hurdle rate on resolution 7 is 75% and the hurdle rate on not re-electing Wotton is 50%.

Could be the board will also be somewhat discouraged if the votes show less support for them then they think they deserve.

I think it will be important that criticisms be constructive - specifically able to be acted upon not just general whinges after the AGM or the level of dissatisfaction (some of which is probably coming from unrealistic expectations) is likely to be another impediment to share price improvement rather than a facilitator of performance improvement.