Every shareholder should ensure that they exercise their vote - it is the only time that the board and mgt ever takes notice of the views of us retail shareholders.
It is my intention to vote as follows:
Res 1 - Remuneration Report -
AGAINST
Res 2 - Re-election of Trevor Allen -
FOR
Res 3 Re-election of Bert -
FOR
Res 4 Re-election of - Louis Carroll -
FOR
Res 5.1 - Issue equity Awards to Bert -
AGAINST
Res 5.2 - Issue equity Awards to Bert -
AGAINST
Res 5.3 - Issue equity Awards to Louis Carroll -
AGAINST
Res 5.4- Issue equity Awards to Louis Carroll -
AGAINST
Res 6 - Increase Fees to Directors -
AGAINST
Res 7 - Appointment of Auditor -
FOR
Res 8 - Share Buyback -
AGAINST
Res 9 - Spill meeting -
FOR
If one cannot be bothered allocating your votes FOR/AGAINST, then just voting AGAINST all resolutions would achieve that protest vote!
My view is that there is simply no point in rewarding Board and Mgt for a performance which has been very much disappointing.
Why reward board and mgt when the SP has dropped from about $1.20 to maybe 18c ?
When they perform it will cause the SP to rise.
THEN they can return to shareholders to seek a reward.
The Res 6 to increase directors fees as a stand-alone Res may be appropriate - but NOT when it is also proposed to allocate equity in addition to those fees.
Pay the fees first - then get the performance, then pay award bonuses.
On a cursory look, it was not obvious to me that any of the award criteria directly related to the performance of the SP. I may be wrong. But there should be a direct correlation.
Because the SP is the ultimate arbiter for shareholders.
Crap SP = no bonuses imho.
The share buyback has been discussed here.
It is simply a dumb proposal for a company which is not performing.
Chew up the cash of Yowie, and the shares will drop once the Buyback ceases - because Yowie will always be valued at cash backing at a minimum, even if Yowie does not perform.
Take away the cash backing, and Yowie SP will be left to rely on its performance (which is simply not meeting the expectations of the market).
Whatever we do, we should all vote.
It is very easy to change your vote online.
It is very easy to vote online.
go to
www.linkmarketservices.com.au
Logon using your HIN or SRN
Select "Voting" tab
make your choices
To change a vote, simply redo the voting process. the latest vote is the one they count.
cheers
(20min delay)
