Just voted online as well and voted against. I am attending the meeting on Friday, should be interesting to say the least.
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i can't help but think if the directors of NZOG were serious about the ongoing business of the company they would implement a $100m note issue, return $100m to shareholders, and retain Kupe.
And sell Tui!
No vote online............................................ not that I expect it will make any difference.
Yup, No for me too.
Pretty sure it will pass,
if we can't find something to buy at value now, we should give all the money back," Finlay said.
I noticed yesterday that Knight is out of any holding now. No skin in the game..........
Given this result ... "The 87% vote in favour of the transaction is a very strong endorsement from shareholders,"Chairman Rodger Finlay said. "
I'm a bit surprised that so many of the views expressed here seem to be in the small minority. Thoughts?
Firmer at the close really feel its a breakup scenario must be worth about 90c anyone done the Maths assuming Tui deal also goes through?
There are 336m NZO shares on issue. Of those, approximately 188m cast a vote. Biig institutional shareholders are more likely to vote than the average small shareholder. Bigger shareholders might be eyeing the promised capital return as a good way to get funds out of an underperforming company without crashing the share price. I think if you were shown the numbers of shareholders on a 'one man one vote' basis that voted 'for' and 'against' , then the vote would not have been anywhere near as favourable towards selling Kupe. Given that most of those who voted against were likely small shareholders, I think the claimed 'very strong shareholder endorsement' runs a bit hollow.
Of those small shareholders who voted 'for', there is an often held default position that 'managment always no best'. It takes a brave person to stick their hand up at the AGM and criticize management. It is almost equally brave to come clean with your mates at the bowling club and admit to your friends you voted against the advice of the independent report. 'Going with the flow' is the easy option that many take. I would go so far as to say that if an extra item was put on the AGM ballot paper, advising shareholders that if they lined up along the wall at the end of the meeting directors would be invited to 'kick them up the backside', that many would vote for such a resolution. In a figurative wicked sense of humour way, one might argue that this is exactly what has just happened!
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