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  1. #71
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    So our independent directors only got returned through the support of the majority holder. The only people these fools are "independent" of are the minority shareholders!
    Ed

  2. #72
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    quote:Originally posted by Sideshow Bob

    quote:Originally posted by Caesius

    Did anyone attend Contact's AGM today?
    Just had a piece on TV1 news about Contact AGM, which is unusual. Mentioned about Pike, slating the cancelation of the merger, and Saunders and his involvement in Feltex.

    Both got returned to the board, based on Origin's shareholding.

    Apparently the debate went for 2.5 hrs!
    What's Pike got to do with CEN? Are they taking a holding, either direct or in NZO?

    (On reflection, perhaps you mean Phil Pryke?)

  3. #73
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    As a holder of CEN and a watcher of FTX I wanted to see the end of Saunders. A great shame he remains. He has obviously started loosing the plot over the past few years and is a liability to shareholders on this Board so time for me to review this holding.

  4. #74
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    Good to see the institutional shareholders finally making their voices heard. I thought that the independents still had time to run before they are up for re-election, the motion to be rid of them was an extraordinary one and therefore bound to fail due to Origin's majority stake.

    I think they are pretty much "£%ed next time though, Origin will be doing everything it can to placate the big shareholders as without them any attempt at a "merger" is bound for failure.

    I am pleased that the "merger" was dismissed as it was a vain attempt by Origin (an exploration company) to get their hands on some very stable cashflow. I am not pleased that we, the Contact shareholders, have effectively paid for this exercise in frutility. I am also not pleased that our so-called "independent" directors [u]</u>again[u]</u> attempted to sell the company overseas for less than it is worth.

    I think the writing is on the wall for these chaps, it is a shame that they will continue to be around for another year or so. Pryke is a joke, Saunders even more so....good job on Feltex mate, that is going to really make your resume look great.

    Once again it is the Contact shareholder who ends up paying for this sideshow. Would be nice to have it back under kiwi control, with a half-decent set of directors on board??? Dream on Holmes[V]

  5. #75
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    Since it is almost exactly a year since CEN gave a trendline break Sell signal, an anniversary chart might be in order.

    CEN is now below that exit point, having fallen while the market continued to rise.

    Technically, CEN is still in a long-term uptrend - but you would have been better getting out of it over a year ago.



  6. #76
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    The Shareholders Assn reps, Botherway of Brook Asset Management, Graeme Bulling and others put up a good fight but it was always a lost cause, given Origin's 51% voting power. Am I being paranoid when I note that, while the directors stayed in the spotlight and read from autocues, shareholders from the floor stood in poor light and had to contend with a weak sound system - was the volume deliberately turned down?

    Early on, Des Hunt of NZSA suggested that in addition to the ballot the chairman might call for a show of hands on each of the contentious resolutions. Chairman King turned him down. I wonder why?

    The three so-called "independent" directors are completely shameless. Their blind subservience to Origin's wishes is outrageous. And was it arrogance or stupidity which led Saunders to mention - and try to justify - his role in the Feltex disaster.

    No mention, of course, of a special dividend or cash return. Only the standard negativity over CEN's prospects - as if Origin is still trying to talk the price down ahead of another bid.
    Remember that chairman Grant King is the CEO of Origin The other two directors are Origin flunkeys, which means there is no one on the board committed to the interests of the minority (49%) shareholders

  7. #77
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    I think Origin (and CEN management) will be surprised by the voting results.

    If you take out the 292M Origin votes then Pryke and Saunders were given a clear message that the independent shareholders that they represent do not support them. Is resignation the next logical step?

    The call for an independent committee was a clear indication that no-one outside of Origin trusts Origin to do what is best for CEN.

    Thanks for putting the motions Botherway and Co.

  8. #78
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    I keep hearing how much the minor shareholders wanted these guys "out" but according to http://www.nzx.com/market/market_ann...pany?id=138621

    only 14.67% of shareholders wanted Phillip Pryke gone,
    only 13.62% of shareholders wanted Tim Saunders gone,
    only 8.20% of shareholders wanted John Milne gone,
    and finally only 7.72% of shareholders wanted "To terminate the current Chief Executive Officer's arrangement with Origin Energy or replace him".

    I understand Origin has 51%, so that accounts for just over half of votes.

    Seems like very few people actually want these guys gone...

  9. #79
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    quote:Originally posted by Caesius

    I keep hearing how much the minor shareholders wanted these guys "out" but according to http://www.nzx.com/market/market_ann...pany?id=138621

    only 14.67% of shareholders wanted Phillip Pryke gone,
    only 13.62% of shareholders wanted Tim Saunders gone,
    only 8.20% of shareholders wanted John Milne gone,
    and finally only 7.72% of shareholders wanted "To terminate the current Chief Executive Officer's arrangement with Origin Energy or replace him".

    I understand Origin has 51%, so that accounts for just over half of votes.

    Seems like very few people actually want these guys gone...
    On the other hand, it would appear that largely people who were not Origin didn't vote. I know I never usually bother to vote. I think it is telling that of those who did vote and weren't origin 83% wanted an independent committee (that's also 16% of the the entire shareholding). Seems like some strong motivation for change. But yeah, only 58% of non-Origin voters voted to oust Saunders.

  10. #80
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    quote:Originally posted by Bilo
    If you take out the 292M Origin votes then Pryke and Saunders were given a clear message that the independent shareholders that they represent do not support them. Is resignation the next logical step?
    If you take out the 51% share (using 292mil shares) that Origin have then this is how it stands:


    Shareholder Proposals (Without Origin)
    RESOLUTION 1: To remove Phillip Pryke from office as a director
    Votes for: 57,629,517 (57.08%)
    Votes against: 43,339,880 (42.92%)
    RESOLUTION NOT PASSED

    RESOLUTION 2: To remove Tim Saunders from office as a director
    Votes for: 54,291,521 (50.88%)
    Votes against: 52,404,245 (49.12%)
    RESOLUTION NOT PASSED

    RESOLUTION 3: To remove John Milne from office as a director
    Votes for: 32,222,635 (31.97%)
    Votes against: 68,560,616 (68.03%)
    RESOLUTION NOT PASSED

    RESOLUTION 4: To terminate the current Chief Executive Officer's arrangement with Origin Energy or replace him
    Votes for: 31,196,735 (27.81%)
    Votes against: 80994946 (72.19%)
    RESOLUTION NOT PASSED

    RESOLUTION 5: To preclude the Chief Executive Officer in the future having any arrangement with Origin Energy
    Votes for: 31,051,539 (27.77%)
    Votes against: 80772368 (72.23%)
    RESOLUTION NOT PASSED

    RESOLUTION 6: To establish an independent committee regarding Contact Energy's relationships with Origin Energy and with the authority to make public statements
    Votes for: 91,385,594 (81.36%)
    Votes against: 20943678 (18.64%)
    RESOLUTION NOT PASSED

    RESOLUTION 7: To attempt to recover Contact Energy's merger proposal costs from Origin Energy
    Votes for: 41,250,821 (36.72%)
    Votes against: 71093059 (63.28%)
    RESOLUTION NOT PASSED

    RESOLUTION 8: To reduce the directors' fees until the merger proposal costs have been recovered from Origin Energy
    Votes for: 14,818,419 (13.21%)
    Votes against: 97373512 (86.79%)
    RESOLUTION NOT PASSED

    Business

    RESOLUTION 9: To authorise the directors to fix the auditor's remuneration
    Votes for: 111874192 (99.73%)
    Votes against: 307,220 (0.27%)
    RESOLUTION PASSED

    RESOLUTION 10: To re-elect Grant King as a director
    Votes for: 89734713 (80.58%)
    Votes against: 21,621,068 (19.42%)
    RESOLUTION PASSED

    RESOLUTION 11: To re-elect Bruce Beeren as a director
    Votes for: 74224144 (66.62%)
    Votes against: 37,188,520 (33.38%)
    RESOLUTION PASSED

    RESOLUTION 12: To adopt a new constitution (by special resolution)
    Votes for: 105171777 (94.71%)
    Votes against: 5,870,369 (5.29%)
    RESOLUTION PASSED

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