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..and it's not like that policy (of this Galaxy B.O.D. Regime)...

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Gekkko

2,201 Posts.

1084

26/04/20

11:15

Post #: 44260045
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Originally posted by Wary 1 ↑

GCar, the Top 20 list is obviously important given it is published in the Annual Report each year (not just by Galaxy, but by all ASX companies afaik). Knowing what changes in substantial holdings have occurred is certainly important to me and I think the latest Top 20 list is quite telling.

As far as being able to get a hold of the Top 20 information in between annual reports, this is meant to be easy but the reality is otherwise.

My understanding is that it is a requirement (under the Companies Act) that a company is to provide information about the shareholders within a certain period of time upon request by a shareholder. I tried this approach in the past, but my emails were ignored and then subsequently after phoning the company I was told to get the information from the share registry (Computershare). I actually reported the company's refusal to provide me with the information to the ASX and to ASIC, but of course neither of those agencies care less about ensuring rules are complied with.

You say the information is easily obtainable from Computershare. I beg to disagree. I tried to obtain a Top 20 list from Computershare in December. First I rang Computershare and told them what I wanted, but the first several people I spoke to couldn't understand what on earth I was talking about and why they should give it to me. I finally got through to someone who did understand what I wanted. That person told me I had to have a good reason for wanting it (just being curious as a shareholder about who the major holders were was not good enough).

Finally I was told by Computershare that they wouldn't provide me with a list, but that if I wanted to visit Computershare's office in Abbotsford I could get the information I wanted over the counter. The process I would have to follow sounded like I would be at the Computershare office for most of the day - that's because I would have to tell them the name of the shareholders I wanted to know about and they would only look up a single shareholder at a time. So if I wanted to know to what extent the Top 20 list in the 2018 Annual Report had changed, I would have to ask them separately to look up each company. If a new company had worked its way into the Top 20 list, I wouldn't know to ask.

Unlike dgb99.94 I don't live 1600 kilometres away from the Computershare office. I live in the same city, but if I wanted to get the information it would have required me to visit the office and by the sound of it spend most of a day there. In the end I didn't think it was worth the time and effort, particularly given the uncertainty as to whether the office staff would be so obliging as to individually search the change of ownership in 20 companies for me.

My experience with Computershare was also experienced by another HC poster. In fact he tried first to get the information and I only tried myself because I thought I might have had a better chance. In the end, our experience was the same.

Given all the above, I agree with dgb99.94 that in the interests of transparency to all shareholders and given that the Top 20 list is such a simple little request easily satisfied with minimal fuss by the GXY office, it would be a very good thing if the company simply provided the list to shareholders upon request. Or as someone else suggested, perhaps they could include the list with every quarterly report. Or maybe put it on the GXY website with an update once a month.

Finally, I believe the Top 20 / Substantial Shareholders list is very important. It has given me a pretty good idea what is going to happen to our company and I am going to post my thoughts about this on HC in the next day or so. I am also going to explain my reasons for voting the way I have with respect to the items of business at the forthcoming AGM which I will tell you now is:
1. Adoption of Remuneration Report - AGAINST
2. Re-election of Director - Mr Martin Rowley - AGAINST
3. Re-election of Director - Mr Anthony Tse - FOR
4. Re-election of Director - Mr John Turner - FOR
Re-election of Director - Mr Peter Bacchus - AGAINST

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..and it's not like that policy (of this Galaxy B.O.D. Regime) is fair/consistent for all. Quite the contrary. They've been emailing the Top 20 List to 'particular' retail shareholders who are in their 'good books' at the time.. 'favour' etc..

I was furnished with a copy obtained-that-way by a 'favoured' retail-holder..on the agreement that i would not post it on H.C. (publicly) which i did not. In empathy..comradery with those who expressed their stress/frustration at the lack of co-operation from Galaxy HQ (and similar poor service from the share-registry) i posted my email-address here and shared the 'prized' list individually off-site upon verification..with the blessing of my 'benefactor' then. I've since become friends (zero regrets) with those good people connected with in January..realizing we're kindred spirits..and 'on the same side'. Most of us have come to realize these B.O.D. members (now up for re-election) are serving themselves..and the (now) majority retail-shareholders come a distant last..BOTTOM of their heap. The self-serving B.O.D. now receives the voting 'scorecard' from us..the INVESTORS as they've been heavily-overpaid to represent us.

We've been ignored at the bottom of their pile for way too long. It doesn't have to be that way..and should not be. It became so blindingly obvious/embarrassing that Credit Suisse analyst was ALWAYS getting his questions answered FIRST (and fully..with retail always shunted) at Conference Calls that the 'Masters' at Galaxy HQ reacted only in these last few-months..with their upcoming re-election-vote in the 'headlights'..by waving-him-off for 'the time being'..It might sway some of us..Others have longer memories and we can see these too-little-too-late gestures in the clear light of day..within the picture of a 12-18 month window.

From the feedback i've noted, those with the largest shareholdings, have the longest memories. This is very helpful when we're up against the Swiss Bank who's borrowed 7% of issued-shares to use/vote against us.. Putting your life-savings into a solid company/stock (especially accumulating on dips) sharpens one's focus.

No doubt the sandbagged good-news flow will roll on as we approach the AGM. My votes are lodged already. I was 100% convinced Rowley & Bacchus had to go..was not-so-sure on A.T..could've gone either-way but i voted against, thinking he'll get more than enough votes..

In a nut-shell they made their own bed, did their utmost to feather their own nest/s and IMO (on balance) left it way-too-late with their questionable-timing-motive gestures of late. We saw it coming a mile off..and yes it is too arduous/costly to monitor OUR Top 20 Holders List throughout the year..every year..Companies with the best shareholder-accommodative B.O.D.'s furnish Top 20 List requests in a happy & timely manner..in my experience..and their stock doesn't TOP the Most Shorted ASX List on a regular basis..incidentally

GLTAGRH

GXY Price at posting: 77.5¢ Sentiment: Buy Disclosure: Held
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