"Shareholders’vote for the 2012 Remuneration Report is therefore vital to ensuring we limit disruption to the running of the Company and the likely substantial impact on its market value."
I suggest this thinly veiled "threat" from our chairman spooked some into selling now.
A better idea would have been to present a remuneration report that is acceptable to shareholders... and considers measures that really count for shareholders, like salaries to equity, salaries to net profits... and those ratios are booming at the expense of shareholders. They need to wake up to the fact that Watpac is no longer a 500m MC company. They need to wake up to the fact that $170 million of fresh capital was raised from shareholders between 2007 and 2010: The market now values the company at $110 million and our books show only $242 million in equity. It's a pretty dismal show since the company started up.
And of course there was the don't even bother trying to vote against the resolutions statement to finish off the Chairman's letter because they hold 16% of the votes. Pathetic is the word I'm looking for... Impotent is another apt word. They'd rather spend their time fighting shareholders :/
WTP Price at posting:
60.0¢ Sentiment: Buy Disclosure: Held
