time for a head to roll?

Let me see if I've got this right. At the end of November the AGM was held and the 15% cap was refreshed down to the last share. Now, eleven weeks later, they have issued the entire 15% and are asking we long-suffering shareholders to vote for them to be allowed to issue 15% more. At this rate we'll have another two or three EGMs before the AGM comes around again.

I'm not sure that this has ever happened before in MIK - certainly not that I can recall in the several years I have held shares in the company. Surely someone has to be held accountable for this debacle, and there is really only one individual who the finger can be pointed to. Yes, I am talking about the Chairman. The new CEO clearly can't be blamed, and it will be good to hear his views at this meeting. But the Chairman has preached about how he has brought new disciplines to the company blah blah blah, yet has presided over record expenses, a record loss, a record low share price, and the greatest dilution of the shares of existing MIK holders in the company's history. Shares on issue have almost doubled since he took the Chair in June 2009, and by the time his two year anniversary rolls around they will have more than doubled.

As far as I am concerned he has to go. What are the chances that a resolution to that effect can be put to the meeting?

As for why we should vote for this refresh, I wouldn't even consider it unless shareholders are presented with a detailed cash flow report for the financial year so far so we know where all this cash has been going, and a detailed cash flow forecast for the balance of the calendar year so we can be assured the company will remain solvent, and not go back to brokers (Hanuman) for more and more share issues.

I think we also need to be told, clearly and thoroughly, why the Thailand deal is not allowing the company to be cash flow positive.