oops pwr nearly had a stock consolidation too!

From today's SMH

Tea, sympathy for Powerlan
November 29 2002

Gil Hoskins ... likes a dividend every now and then.

Feel misunderstood? Talk to Kate Askew.

After losing a chairman, the only other non-executive director, a chief financial officer and around $142 million in the past 12 months, Powerlan chairman and chief executive Theo Baker wasn't afraid to face up to why the company's share price has loitered around 4c recently.

"We don't have a sector of analysts in Australia who understand what our business does," he said. The company, which has transformed itself into what it calls a "global software leader", is looking at a listing on foreign markets due to the "lack of appreciation and respect of the local market," Baker said. Banks also got a serve for not appreciating Australia's new breed of businesses, based on intellectual property.

What about the exodus of directors, you say?

"History has suggested that some of our directors haven't provided good value," Baker said.

Not that former NSW premier Neville Wran, who was the Powerlan chairman until July this year, was named in this bunch.

Wran added significant profile and corporate governance to the company, according to Baker, but had let it be known that he "preferred not to be associated with a company that lost money".

One of the last orders of business saw 93 per cent of shareholders, including Baker, vote against a proposal to consolidate the company's shares at a ratio of 20:1. On reflection it didn't seem such a good idea although it had upside, as Baker pointed out. "If you've got a stock price of 4c then people say 'shit, what sort of stock are you'?"