Just to be clear - The announcement regarding the results of todays AGM - at a glance may appear deceptive.
The first strike has been delivered- we want change !!!
Unbeknown to the company New Page Investments the 4th largest shareholder appointed a company representative who along with the 3rd largest shareholder voted against each of the resolutions at the AGM.
Clearly the managing directors where rattled, They rallied the office staff to attend the AGM. Then moved to have all the resolutions approved on a show hands despite the overwhelming undercurrent - to prove what ????
A poll was requested for all resolutions, whilst the results being tabled, the vote was changed for resolution 3 from being against to abstaining following a barrage of intimidation from the directors, to allow resolution 3 to be passed.
It is unfortunate that these things happen, if only directors would listen to shareholders - the ones who have continued to support the company. The directors need to take note - change with the times and not rest on there laurels of years gone by. Cost cutting should of begun with there own salaries - we don't need 2 joint managing directors - draining the cash.
Of minor note, It was also pointed out to Nathan McMahon ignorant of his own constitution that the 2nd managing director was subject to rotation and re election, something the company had ignored for many years.
CAZ Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
