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28-09-2020, 05:27 PM
#111
He made a funny comment during the meeting along the lines "if you don't like what I am doing vote against me",which a lot of people did.!!
I do not know what must have gone on behind the scenes, but he was responsible for turning "a dead duck into a going concern.".
However, as you pointed out there must have been "an orchestrated campaign to remove him".Considering he held a large shareholding it must have been very well organised,and included major shareholders..
I think we shareholders are lucky having Al Monro as chairman to step into the CEO's role, with his back ground to guide the business.
I expect the share price will be under a lot of pressure with Doug Hastie wanting out.
We live interesting times.
I will hang onto my shares as I feel the business has excellent prospects.
Last edited by percy; 28-09-2020 at 08:27 PM.
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28-09-2020, 07:54 PM
#112
Member
Bugger!!!! I am very sorry to hear of this internal strife. When this type of power play occurs there are two 'camps' wanting to go in different directions. I have been impressed by the way SYFT has produced their products to international standards, and have been very involved in R & D, but also ensuring that the product has a marketing stream - science and sales moving in a complimentary manner. (What if PEB had the same approach...?)
SYFT is growing - and now I think the battle is Science v. Sales. I still think this company can, and will, become a market leader in its field.
I hope they sort the difficulties out quickly. My sympathy also goes to Doug Hastie, who has grown the company to its present stage. Sometimes leaders can overstep the mark.... Best wishes to all.
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28-09-2020, 09:17 PM
#113
Junior Member
Hmm the last two presentations I went to gave me the feeling Doug thought it was his show and not that worried about shareholders wanting to see value reflected in the near term. So fell on his sword so to speak. Interesting times.
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28-09-2020, 11:58 PM
#114
Originally Posted by Southern Lad
29.4 million votes against suggest there was an orchestrated campaign to remove him.
Looking at the ten largest shareholders detailed in the 2020 Annual Report we have:
ACC 11,670,738
Doug Hastie 11,253,981
Whale Watch Kaikoura (Ngai Tahu) 8,725,000
Douglas Ziffel & Snoot (New York) Ltd 4,400,000
Collins, Dwyer & Bill Parsons Trustee Ltd 3,000,000
Wing Kai Leung 2,168,783
Iconic Investments Ltd 2,108,706
Opihi Investments Ltd 2,062,447
Forsyth Barr Custodians Ltd 1,277,044
Maarteen Janssen 1,223,505
29.4 million votes against is a very substantial voting block.
Does the dissatisfaction explain the delay in the AGM notice being issued as the protagonists and Doug Hastie sought to work out their differences?
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29-09-2020, 08:42 AM
#115
Would have taken a lot of organising getting that voting block.
Would really have needed No.1 and No.3 shareholders onboard.
The fact the vote was not a show of hands tells me it was not unexpected.ie The chairman did say the results would be announced on Monday.
No.1 shareholder has had a lot of impute in the business.ie have a director.
It would appear it was Doug's way or the highway.Shareholders voted the highway.
Last edited by percy; 29-09-2020 at 08:48 AM.
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29-09-2020, 03:25 PM
#116
Member
The Herald reports that ACC, the largest shareholder, was behind the power play.
The head of ACC private markets lost his board seat last year so who knows what has been going on...
Disc:- Long time shareholder
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01-10-2020, 10:22 AM
#117
Well Doug's departure has spooked the market.
One buyer for 661 shares at 60 cents.
Lowest seller with 50,000 is at $1.25.
It is a times like this, we are reminded of that great definition of a long term hold......A short term one that did not work out......lol.
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01-10-2020, 06:59 PM
#118
Member
Originally Posted by percy
Well Doug's departure has spooked the market.
One buyer for 661 shares at 60 cents.
Lowest seller with 50,000 is at $1.25.
It is a times like this, we are reminded of that great definition of a long term hold......A short term one that did not work out......lol.
not wrong there
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05-10-2020, 06:08 PM
#119
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05-10-2020, 07:16 PM
#120
A good announcement from SYF, seeking to provide reassurance that there is nothing to see here following the dumping of Doug Hastie.
The Board have strong credentials and experience. Damien Fischer also looks like a good appointment. Interesting that the announcement today also has Nicole Robinson’s name on it, suggesting she is onside with the change (or maybe I’m reading too much into that?).
Im hopeful that a new CEO will accelerate the commercial progress of the company. Fingers crossed they can recruit a candidate with the appropriate talent, connections and drive. Through an equity sweetener as part of the remuneration package, there should be plenty of upside if the new CEO can drive shareholder value.
Will be interesting to see where the share price goes over the next few months, however Doug Hastie’s stake is a large overhang until it finds a buyer.
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