What happened at the EGM., page-8

What happened at the EGM? Well, something significant that no-one has yet mentioned. All resolutions were passed overwhelmingly.

Those relating to individual directors commonly had 72 million votes FOR and 2-3 million AGAINST. The importance of the Company having the capacity to raise capital without prior shareholder approval was recognised by similarly overwhelming favourable results. Revealing metrics.

These voting patterns do not correlate with the recently expressed expectations and negative views of the most vocal HC participants. But then AJX does have about 5,500 shareholders and the (say 100) HC active participants represent therefore only about 2% of them. This point should be worth remembering, since many posters often seem to believe that the views expressed on the forum are representative of the entire shareholder community, and they appear to allow their judgement to be influenced by this premise.

In contrast, the voting result suggests that the vast majority of holdings have confidence in the Company’s business and the direction in which it is being taken, and they wish to be part of it. That judgement would be based on the fundamentals of the business and not the artificiality of a share price determined by ephemeral sentiment. The attitude that “I won’t be giving any more of my money to these bozos to waste”, and the associated issue of lack of trust, clearly is very much a minority one amongst shareholders as a whole.

This would appear to be an opportune time for the whining HC 2% to recognise how unrepresentative their ‘concerns’ about the future are, and decide to be part of the Company as well, rather than being a drag on sentiment and hence its share price. Either that or leave it.