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19-11-2012, 06:11 PM
Top shareholders as of AR2011 are Macquarie (11%), Value Investor (8%) and Abu Dhabi (7%).
Assume retail vote (100-11-8-7-10=64%) is split 50% -> 30% will reject it. Since Macquarie Group already owns 11%, there is already ~40% of votes rejecting these resolutions. So it depends on the 2 substantial shareholder, Value Investor and Abu Dhabi.
Personally, if I were the people who are in dissent, I would not think that it will be successful. But these people are NOT stupid, so I think the reason they continue to do so, is because either they silently have some of the substantial investors’ vote (stated above), or their act is simply to exhibit some kind of shareholder activism and assert pressure…personally, I think it is the latter. If they do get 3 directors on board, they are still the minority and will not change anything. However, regardless of successful or not, this request does send a very strong message to the Board.
Assume retail vote (100-11-8-7-10=64%) is split 50% -> 30% will reject it. Since Macquarie Group already owns 11%, there is already ~40% of votes rejecting these resolutions. So it depends on the 2 substantial shareholder, Value Investor and Abu Dhabi.
Personally, if I were the people who are in dissent, I would not think that it will be successful. But these people are NOT stupid, so I think the reason they continue to do so, is because either they silently have some of the substantial investors’ vote (stated above), or their act is simply to exhibit some kind of shareholder activism and assert pressure…personally, I think it is the latter. If they do get 3 directors on board, they are still the minority and will not change anything. However, regardless of successful or not, this request does send a very strong message to the Board.