Re: Give it up people
in response to
by
posted on
Oct 23, 2011 08:33PM
Keep in mind, the opinions on this site are for the most part speculation and are not necessarily the opinions of the company WITHOUT PREJUDICE
First of all I want to Thank the Hub leaders for all their good work, I hope they all stick around, but respect their decisions if they need take a break.
About the future of this board, I think the focus for the next while should be to get educated about and prepared to vote prior to or at the upcoming agm. The comments made including the one above about all shares controlled by insiders etc. so don't bother are just plain wrong. Look at page 13 of the circular. About 5% of the shares are held by insiders. I realize the number may be a bit higher know due to exercise of options etc., but it is still less than 10%. Also keep in mind that the insiders can't vote on the option plans and the Havilah Arrangement requires 2/3rds of all votes, not just a simple majority. I personally know people holding at least 20 million shares that read this board on a regular basis and keep in contact with each other, and there are a lot of people here that I don't know. Even the small amounts add up, but only if the shareholders are prepared to educate themselves and exercise their rights.
Most of what we are voting on is routine - the auditor approval etc. Other ones like the Havilah Arrangement look to me like a good move for the shareholders as my experience with spinoffs has been positive. There are two issues that I beleive we need to take a hard look at.
1. Number of options: This number goes up every year. I need to do some more research before I form an opinion about whether this is reasonable and in line with other small caps, but if the Tesoso proves to be what we think it is, we are talking serious coin here.
2. Election of Tina White to the board of directors: I am sure Tina White is a very qualified and competant person and should be on someones board of directors. However, I am not sure she should be on this one. What I would like to see for our 300M $ company is some out side independant oversight. The current board members are either insiders or have been connected with this company from day one. A lot of the questions we have regarding compensation, travel expenses etc. can be dealt with at the board level if the board members are truly independant.
Please don't respond with childish statements like "we need to support management" or "why don't you sell your shares". I invested in this company because I beleived I could make money and I still do. When I believe the value has been maximized I will sell. I fully support Lori and I am gratefull for all the hard work to get us this far, and have confidence she will bring this to the finish line. I can fully support her and still request a more independant board.
One last quick thing to the Hub leaders and other frequent posters. Please don't feel the need to respond to every question about TFSAs, RRSPs, tax questions etc. This doesn't need to be a hand hold investment site - thats what google is for.