re: so what is the consensus. why the selloff...
Gasman,
I dont think the spillage is as serious as you have described. There is no doubt that the opposition to re-electing these two directors came from the founding company owners, one Allan who is a director and CEO and McLaws who is an executive. Both of them together own around 40mill shares. The Top 20 is 60% and without the 2 founding owners support would not have been enough to reject the resolutions. It must be obvious that they have had issues with of these men, so as designed, the shareholder electors have voted them out with a no-confidence.
As for the two directors Brown & Grant pushing the price down by selling their shares, this would be impossible as they only had something in the vicinity of 250K shares between them. Therefore the sell-off you would presume is based on uncertainty in the management shakeup and the recent share issue. If so then this would have to be a great buying opportunity.
My guess is the whole thing must be based around remuneration as this was one of Brown's primary roles, to evaluate the remuneration of directors.
Anyway I think the positive is that the two founding owners are still in tact. For me, the important thing is that the company puts this behind them and concentrates on the company at the immense opportunities. Certainly this shakeup has put a negative light on the company, the sort of thing I don't like very much, however, I think the benefit of doubt must be given in light of all the positive money-producing announcements of late.
Cheers
DDT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
