No . It could be cheap with the right management and board actually moving the company forward performing. It is a tough market and you just can't do a half ar55ed effort and sit on cash and not expect this sort of thing going on.
If YOW was cheap how it was, they would have just soaked up more shares not bothered with this. They want change as well as $ .
"No point of going through the pain and pus of a 249D for a few measerly cents worth of gain"
It is costing them nothing and they force the hand and possibly get board position etc . Regardless of who they put up they are not stupid and will win either way .I can't believe they will have done this blind without a exit plan unless it was out of pure frustration and lack of response from YOW.
The current guys IMO ignored the hints and IMO gave lip service , poor performance at the AGM and this is the result.
Good news about this action is that current management might actually have to communicate real results and progress now to defend their own jobs. If it is performing it may cause a uplift. Not a bad play and a lesson to learn for the $ sucking game players within YOW.
Other possible good news for shareholders is someone might just put up some other resolutions - even reverse a AGM one!
100 members of a company are still able to:
- propose resolutions for inclusion on the agenda of general meetings that have already been called through proper means;
- and require the distribution of statements, at the company’s expense, in relation to a proposed resolution or a matter that may be properly considered at a general meeting.
(20min delay)
