Nightmare. Good luck, Jonu.
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Nightmare. Good luck, Jonu.
What a freakin mess alright :scared:
If Hill is residing in Australia, at least it's a pretty good exchange rate for him if he wants to transfer his $NZ1,000 plus per day salary over ;)
I Must admit that I am truly amazed by all of that. Thanks for posting Jonu and all the best to you.
Thanks Jonu - you will definitely be getting my votes (ex top 10 but still hold quite a few). I'm not unhappy with Victor Rabone's appointment with his geological background and family's Coromandel experience. However totally against Kelly Wyse with her Australian background. She is likely to be another patsy on the Board along with the Chairman. Jane Bell to me is doing a fine job and likely the only NZ resident keeping the show on the road at present. We want the company run by NZers who are passionate and hands on to work at the mine face with the local community - not pushing buttons and getting nowhere from Sydney and Melbourne while costing us ridiculous fees. The fact Jonu's nomination has been rejected by the Board speaks volumes they are concerned about scrutiny and a complete Board overhaul is needed. Only then would I, and I'd say many other shareholders, consider purchasing new shares.
As I mentioned in my previous post, the appointment of two new directors so close to the AGM smells very fishy, and has been done by the existing board members for good reason, as Jonu explains - "The company can appoint new directors leading into the ASM. They will need to be voted in at the ASM, but in appointing them early they have effectively given them the tick of approval and hope that most voters just roll with it. You can vote them out."
Shareholders (not aware of the discussions on this forum) will usually 'just roll with' voting in the incumbents. By filling the void in advance, it reduces the chance of Jonu getting onto the Board.
I have never in NZ, in over 35 years of investing in listed companies, seen anything the like of what NTL has included in its Resolutions in its NoM for 2021. I have never seen a footnote, with double '##' marks for extra emphasis, added to a Resolution regarding the potential election of a new member to the Board, where the existing directors have decided to come out and so strongly and openly recommend that shareholders NOT vote for a candidate.
I have, however, seen this happen in Australia when companies (quite often junior miners) under duress, are being challenged by disgruntled shareholders, or shareholder groups. It does not surprise me in the slightest, knowing the calibre and track record of the incumbent directors and the CEO, that they have gone down this track. It is consistent with the pressure the company is under. They do not want 'outsiders' with good intentions coming in and upsetting their carefully stacked apple cart. They do not want someone from 'the outside' being in a position to challenge current processes, and let the outside world know what is truly going on inside the company. This is their definition of 'hostile', a term usually reserved for unwanted takeover activity. But they use the term here because the psychology and emotiveness of the word in the investing sense suits their purpose.
On the one hand they state that Jonu has nominated himself for a board position, yet elsewhere in the same release they state that he has been nominated 'by a shareholder'. Such irregularities in their release are designed to cast a very dark pall over Jonu's nomination.
Ms Wyse's bio provides no confidence that she can provide any additional skills to the Board. She is a (fellow) bean counter and apparently has M&A experience, which I doubt she will ever get to use at NTL as Matt Hill and Nader have those activities tightly under control. There are different levels of M&A experience - it would be useful to know where Ms Wyse sits on that spectrum. As PiB says, she is likely just a Board 'patsy' for the Chairman and CEO, a 'bum on seat' filling a void.
As far as I can deduce, all recent activities that the Board has undertaken have been done as 'patch protection'. It is not coincidence. The Board and CEO are fully aware of comments being made on this forum about the company, the CEO is under investigation for his incognito comments on this forum. In short, they are a Board under pressure. They do not want outsiders spoiling their party. Finding out where shareholder $$ are actually 'spent'.
Jonu - I would certainly be taking advice on this release, and if a formal complaint about the company's 'undermining' of the democratic process is an option, I would certainly be going down that track. The release shows that the Board is quite willing to reach into their bag of 'dirty tricks' to achieve their ends, and usurp the election of a shareholder to the Board who has the best interests of other shareholders at heart.
The hostility contained in the release is the real hostility, so if they want 'hostile', give it to them. The more bad press the company gets about their AGM antics, the better.
Re the drip feed of 'good news' alongside the capital raise, this is always NTL's modus operandi. But as we have all seen, the 'good news' has always proved to lack long-term substance due to promises of over-delivery and embellishment, and any share price uptick is short lived, and often exploited by the company with subsequent capital raises to take advantage of the higher SP
All eyes will be on the ping pong table when play resumes.
Mr .01c, who had been considered by many to be a non travelling reserve, could become a dominant player.
How can I give my proxy vote to jonu? The investorvote.co.nz site needs a six digit control number which is supposed to be 'on the front of the voting form', but I don't have a paper form and the online "Notice of Annual Meeting & Proxy Form" leaves it blank. I have only a couple of million shares, but I guess everything helps to try and get him in.
Hi Bart...NZ Shareholders Association (NZSA) will be be supporting John in the upcoming ASM vote. You can contact Computershare to offer your proxy to NZ Shareholders Association. Simply send in the proxy form that should have been sent to you. Alternatively, you can download this form from the NZSA website - that is for a standing proxy (ie, one that applies across all of your shareholdings), but if you only want it to apply to NTL, you can simply indicate that in the box provided.
Hope this helps.
Oliver Mander (CEO, NZSA)
? Private placement completed and renounceable rights issue, bit link to attached document not working (direct broking)
http://nzx-prod-s7fsd7f98s.s3-websit...090/354654.pdf
2,792,225,363 shares are currently on issue (with an additional 335,000,000 ordinary sharesissued under the private placement to be allotted shortly). Up to 1,565,612,682 new sharesand 521,204,227 loyalty shares could be issued in the rights issue.
crazy
Have 6? Buy 3 new more and join our loyality scheme!
:t_up: