Given todays moves by Sol, we retail holders should all expect to be receiving another barrage of letters in the lead-up to this years AGM urging us to vote against the remuneration report and spill the board.
Here's an outline of how it works in case people are unsure:
So for the spill motion to be moved, there needs to be another strike against the board, meaning a 25% vote against the remuneration report. I think this is achievable considering Sol holds ~10.8% and even if all the other instos vote for the report, only 1 in 4 retail investors (given we make up ~60% of the register- unless there are other instos secretly lurking with <5%) need to vote against it for the second strike (the first was last year).
After the second strike, Sol will likely move a spill motion at the AGM, however this will require 50% of the votes to pass. (This will be much more difficult to achieve imo). If this is achieved though, the board is spilled and there will be another meeting in 90 days to re-elect directors which is when Sol will put forward his options.
So I'm just wondering people's thoughts on this, because it is really our votes that are pivotal in this situation. Is more board turbulence good or bad for the SP? Will Sol give King any opportunity to have a decent crack at the job? Will Sol seek to drive the profitability of PMV and their goods over MYR? Or will Sol bring some good guidance and experience to the average (at best) board?
It is also important for us to remember that what is in Sol's interests is not necessarily in ours, (For example at last year's AGM, Sol successfully encouraged holders to sign over their proxies and vote against renewing the proportional takeover provisions in the constitution- which makes it easier to take control of the company without having to offer to buy everyone's shares).
I'm curious as to everyone else's opinions on this, because (for once) we retail voters are the important swinging voters and can make a significant difference!
Thanks for reading my brain dump GLTAH
MYR Price at posting:
52.0¢ Sentiment: Hold Disclosure: Held
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