These guys are clowns. It's everyone's duty (especially those involved on HC) to vote at the AGM and be heard.
It's all fine to enjoy yourself but a level of professionalism should be maintained especially when you are making $300k a year from investors hard earned money.
It looks more and more like these guys are clowns. I hold 1,000,000 MXC shares that cost me $74 K. I said many months ago these jokers were not qualified to run the local tuck shop but got ridiculed. MXC has never struck accord with the wider market and sophisticated investors. Presumably because those in the know knew about the calibre of the Board. If the money does not come in tomorrow, we need to collectively think about taking our company back. That's right, we the share holders own this company and have every right to restructure it so that growth and success is assured. While the current Board thinks they are insurmountable due to share holder apathy and lack of unity- let me say it is our company and we individually need to step up to the mark. Let those at Board level know that the gravy train free ride has finished. If they do not perform and increase SP value in a sustained and maintained way, then they are fired.
The Board is arrogant and thinks our general disunity is our weakness. We have just been mailed AGM papers, so l urge every share holder not to throw it in the bin. Think very carefully about all resolutions. Personally, l will be voting against the renumeration and for the extra 10% share dilution. By law, the company had the legal right to dilute 15% annually. This in my mind is enough. They need to start producing income to sustain a growth path, not returning to share holders and diluting their present net worth to absolutely nothing. I hope you all think very seriously about your voting power because as a combined entity, we are a power they absolutely fear. A power incidentally that they don't think we have the resolve to exercise. The success or otherwise of MXC is in all of our hands. Not doing anything and letting your proxy votes go to the chairman is going to be a total disaster. That is exactly what the Board is counting on so they can run this show exactly as they see fit. The same way they have rewarded themselves with performance lotions in the face on non performance. Check out Telstra. The share holders have ultimate power if they are united and prepared to make their discontent heard. Its up to everyone of us who hold script to do something with our voting rights.
Let's hope the money is paid tomorrow. The market looks fairly convinced it is a dead loss. No comment until close of trade Thursday. Think about it.
