Contact Energy - CEN Chart

[Bilo]

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.

[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...

[limegreen]

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.

[djones]

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

[Caesius]

Even with your adjustments djones (thank you, very useful) it doesn't paint a picture of "overwhelming shareholder sentiment" to get rid of these guys. More a 50/50 split in opinion.

[Bilo]

The Origin Vote is only the direct shareholding - not necessarily the full extent of the Origin / Proxy vote which was requested at the meeting, promised to the shareholders association, but has not been provided.

[Lawso]

If the chairman had acceded to the request for a show of hands on the resolutions, I reckon you would have got "overwhelming shareholder sentiment" in favour of dumping them - probably about 99% of those present.

[Caesius]

If this sort of thing is so bad, why are there not laws in place to stop this happening?

[djones]

Contact secures additional Maui gas
Contact Energy has secured rights to a further 170 petajoules of natural gas from the
Maui gas field,.....

http://www.contactenergy.co.nz/web/p...l_maui_gas.pdf

"Mr Baldwin said Contact had, in conjunction with the purchase, arranged to sell around seven petajoules per annum from October 2007 until mid 2010 to a large wholesale gas customer. Contact has also agreed to a short-term sale to another wholesale customer."

[rmbbrave]

quote:Originally posted by rmbbrave

Come on guys use your brains and not your timelines.

Origin wants all of CEN.

Why?

See the above article.

They have tried for all of it at $8.00 but that wasn't enough.

Do you honestly think they won't try again?

Told You.