Jake( all speculation below ) it looks like the shareholders who requested the buy back are no numptys and possibly YOW didn't treat em seriously? It seems it is the 2nd request and possibly they formalised it to be included in the AGM after first being rebuffed? They must know their meeting procedure and AGM process as I have seen this tried many times and fail. Did YOW underestimate the shareholders mood and what other information and stuff did they request apart from a buyback as it would seem that possibly in frustration they want some cashback as they can't see YOW needing it or don't want YOW to have it and not use it productively? Why a buyback ? Is the requester a smart insto who is trying to guarantee a stop loss or were they wanting a capital return and YOW sad no? Is it a broker who wants the business!! Why not just sell 10% of their holding as an example? They wanted to make a point IMO and will be interesting to see details and base price etc of buyback. From memory I believe that ASIC will have notice and it will tell us who requesting holders are unless there have been changes in last 15 years?
I hope if they want to make a point that they also formally write to YOW and request withdrawal of other resolutions and garner support to give weight to their letter.
Small holders can support withdrawal of other resolutions IMO by "No" voting now - early to send a message they are unacceptable along with sending a letter / email to YOW telling them why and asking for further explanation of why Management believe they deserve any further benefit!.
Contact thr board members and CEO and let em know ASAP.
Will YOW try and appease holders and get their benefits with a announcement before the AGM to pacify investors?
Does someone have a copy of register and doing a mailout to garner support or going to put out a news article to increase awareness?
If you do nothing nothing will change.
IMO YOW should not be rewarded before patient shareholders and any benefit should be in line with shareholders not eroding value, have a risk and not be a hand out with low hurdles.
One further point- will all staff options and internal hurdles be changed by the amount bought back so that future benefit is reduced?
(20min delay)
