Re: Apropos AGM
in response to
by
posted on
Jun 08, 2022 01:14PM
I can't help you there imtesty because I'm not an expert in that area but it seems too be a standard clause in most AGM agendas.
I’ve done some back of the napkin calculations to try to give myself some insight regarding voicing an “opinion of concern” to be registered at the AGM. Hope my calcs are approx correct because they were quick.
There are about 249,000,000 shares outstanding.
At the Dec 22, 2020 AGM roughly 129,000,000 votes were made. It varied slightly by director voted for. So roughly 52% of the shares were voted (technically it would have been higher then because there were less shares outstanding) and I’m guessing that most of the votes came from those dominant shareholders that control 70% of the ownership of RVX.
At the Dec 22, 2022 AGM Don had the highest number of “withheld” votes at 1.59% (i.e. the highest dissatisfaction). If we could move this up to 10% at this AGM it would be a clear sign of dissatisfaction with the CEO’s performance. Even 5% would raise warning signs. If we can get a high enough “withheld” votes for Don we can send this to Eversana as a heads up that things must change.
At the same AGM Norma Biln, the director that is leaving, had the highest “for” votes at 99.47%. What does that tell us?
So based on extremely rough calculations assuming 150,000,000 votes this year 10% would be 15,000,000 “withheld" votes. If these all need to come from the 30% retail shareholders that means we need 20% of retail shareholders to vote “withhold”.
It’s a tall order to be sure but what is required is for retail shareholders to get out and vote en mass.
When I look at the 2020 AGM vote the numbers make it look like there is huge satisfaction with the BOD and management. Nothing could be further from the truth.
Please get out and vote “withheld”. It is our only way of expressing concern about the complete lack of progress.
GLTA
Toinv