Richard Graham email regarding Performance Rights, page-4

“It is our intention to provide an update on the first quarter FY16 financial performance of the Company at the AGM to ensure that every shareholder is well informed”

Well considering proxy voting closes 48 hours before the meeting I would have to get my lazy arse onto a plane to be informed before I vote. I expect management to provide information on a timely basis – not force me to make a plane trip as the only way to be informed before I vote.

Resolution 6 – Remuneration Report states “LTI awards are in the form of performance rights and apply demanding EPS measures”
Then they go and quietly slip through the performance rights with ridiculously low EBIT hurdles.

What gives? Are they so sure of the big end of town supporting them that they feel comfortable treating the rest of us with distain?

I’m not sure why Andrew Pattison’s CEO contract was structured with an enticement to terminate within 2 years – Graham’s sale, retirement and resurrection has all occurred within the window that enabled Pattinson to resign with an extra termination benefit. Maybe a wild idea that this was all pre-planned but who knows and if it was then Graham, Pollard & Pattison are certainly better strategists then the current board.


I don’t have a lot left but what I do have will be voted for Graham & Pollard. Not entirely sure the motivation is as benevolent as they imply; there’s normally many sides to a story. However their self interest and communications to date align more with my interests and thinking.