INTERESTING DEVELOPMENTS AT AGMS
Now that companies are reporting the actual votes cast at AGMs, Sens announcements have become more interesting. The Pinnacle AGM had all sorts of drama with director nominations being withdrawn and others only just getting enough votes. But two resolutions that were voted against are significant: the general authorisation to issue shares for cash and the remuneration policy both got voted down. The latter is moot as it is not binding (which in itself is outrageous), but the former is important. It is very seldom that directors are not authorised to issue shares for cash and it means that the board’s hands are tied in doing any deals, including taking over the rest of Datacentrix. Admittedly the board is unlikely to use low priced shares to buy anything, but it does show shareholders being active.
On the other side of the spectrum we had the HCI AGM that showed up shareholders as complete stooges with directors being re-elected (including Yunus Shaik) with over 98% of the votes. I wrote on this last week and remain amazed that all those large institutional investors seem perfectly happy with what’s been happening at HCI. Sure some of them undoubtedly are, but all of them?