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  1. #5591
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by Snoopy View Post
    With the AGM coming up, time to get those votes in (got my voting form in the mail today). I quote the above two posts to remind shareholders what happened last year. For some reason when I opened the mail today I suddenly felt militant :-I

    I have decided to vote AGAINST the reappointment of Grant Baker. Ten years at the top (even if the first five of those were when today's Turners was Dorchester) I think is enough. If the ticket clipping experiment isn't working, time to let someone else take the reins and bring together fresh ideas to move the business forward. I think I would have voted for Baker if he had decided to 'officially' stand down as Chair (after he did stand down for the AGM last year). I think anyone who holds 7% of the shares probably deserves a seat at the board table, But as the leader of the board, I say 'time is up'. Skipping the AGM to attend a Ferrari event shows where Baker's real loyalty lies. If you want a good work ethic at the company, and you are at the top, then you have to walk that walk. Driving around in a Ferrari instead of turning up for the most important day of what is on paper just a 13 day work year does not send the right message.

    Alister Petrie is the Bartel Holdings director nomination. Bartel Holdings in the largest shareholder, with 10.99% of the shares on issue at EOFY2019, up from 7.95% at EOFY2018. Alister has a long career in marketing which is a skill set the board need. I will be voting FOR him.

    Next the vote on the new company rules. I see they are deleting the rights of shareholders to demand a poll. Given the half hearted leadership culture at board level, I think the ability for shareholders to demand a poll is a good thing. Thus I will be voting AGAINST this motion.

    Finally (or should that be firstly) I am happy to support the auditors as they are asking the right questions, especially on the valuations of the insurance contract liabilities.

    Sadly I won't be able to get to the AGM myself. Any shareholders out there planning to put in a 'militant' appearance?

    SNOOPY
    Agree 100% mate. I am not planning on attending. Got myself all wound up and chomping on the lead for a full barking session last year and he wasn't there !
    Can't be bothered this year...timid shareholders will vote him to stay on.
    Last edited by Beagle; 25-08-2019 at 10:43 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  2. #5592
    Speedy Az winner69's Avatar
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    Originally posted by Snoopy


    Next the vote on the new company rules. I see they are deleting the rights of shareholders to demand a poll. Given the half hearted leadership culture at board level, I think the ability for shareholders to demand a poll is a good thing. Thus I will be voting AGAINST this motion.
    Snoops me old mate.

    Read that bit about polls again ...voting WILL be done by poll... hence no need for shareholders to demand a poll


    4. Inserting a requirement that voting at meetings of shareholders will be conducted by poll and deleting clauses which addressed shareholders rights to demand polls
    Last edited by winner69; 25-08-2019 at 10:38 AM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  3. #5593
    percy
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    Interesting speaking and corresponding with others who attended Turners Roadshow presentation.
    Very different view of the company than those who are currently posting.
    The agm will be held on the 18th September 10.30 am,back to its usual week,so not long to wait for a trading update,and possibly other exciting news.

    ps.Considering the number of shares the board collectively hold, voting is rather academic.
    Last edited by percy; 25-08-2019 at 02:28 PM.

  4. #5594
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    Quote Originally Posted by percy View Post
    Interesting speaking and corresponding with others who attended Turners Roadshow presentation.
    Very different view of the company than those who are currently posting.
    The agm will be held on the 18th September 10.30 am,back to its usual week,so not long to wait for a trading update,and possibly other exciting news.

    ps.Considering the number of shares the board collectively hold, voting is rather academic.
    I agree that the people attending these road shows have questions, but generally speak relatively positive about TNR. I was impressed by the operation as a whole and they spoke well of the future. Everyone has their own opinion about investing, otherwise we would all be rich.

  5. #5595
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    Quote Originally Posted by Beagle View Post
    Agree 100% mate. I am not planning on attending. Got myself all wound up and chomping on the lead for a full barking session last year and he wasn't there !
    Can't be bothered this year...timid shareholders will vote him to stay on.
    Agree with you there Mr Beagle, last year I backed up my own opinion, flew up to the AGM to asked questions to (what came across as) a smug board. In the weeks following that I voted with my feet and now visit the thread only to see if the story has changed - short answer yeah - nah.

    This years AGM can will be just a fluffy summary of:

    - How the boys club couldn't make the vertical integration (multiple clips of the ticket) work and now they are looking to sell the problem parts.
    - Moving into possible new digital distractions (CL8's business model is a lemon and they aren't quick enough to see this yet)
    - Over paying for Buyright and the non recourse loans are just a one off (Still)
    - The board are worth their fee increase (justified by the total Shareholder return still the last AGM....hmmm no that's still negative)

    Just of note, did anyone else notice how Paul Byrnes was paid almost $400k additional to his director fees for his consulting services? The shareholders are certainly getting there $75k worth of value with his board fees?

  6. #5596
    Speedy Az winner69's Avatar
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    Quote Originally Posted by McGinty View Post
    Agree with you there Mr Beagle, last year I backed up my own opinion, flew up to the AGM to asked questions to (what came across as) a smug board. In the weeks following that I voted with my feet and now visit the thread only to see if the story has changed - short answer yeah - nah.

    This years AGM can will be just a fluffy summary of:

    - How the boys club couldn't make the vertical integration (multiple clips of the ticket) work and now they are looking to sell the problem parts.
    - Moving into possible new digital distractions (CL8's business model is a lemon and they aren't quick enough to see this yet)
    - Over paying for Buyright and the non recourse loans are just a one off (Still)
    - The board are worth their fee increase (justified by the total Shareholder return still the last AGM....hmmm no that's still negative)

    Just of note, did anyone else notice how Paul Byrnes was paid almost $400k additional to his director fees for his consulting services? The shareholders are certainly getting there $75k worth of value with his board fees?
    Jeez ...$400k is a lot of consultancy ...wonder what he did to earn that

    Equivalent to 0.5 cents per share (I think) ...hope his efforts were eps accretive

    Almost as much as the CEO got paid
    Last edited by winner69; 25-08-2019 at 07:25 PM.
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  7. #5597
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    Quote Originally Posted by winner69 View Post
    Snoops me old mate.

    Read that bit about polls again ...voting WILL be done by poll... hence no need for shareholders to demand a poll

    4. Inserting a requirement that voting at meetings of shareholders will be conducted by poll and deleting clauses which addressed shareholders rights to demand polls.
    I read it differently Winner. My interpretation of that clause change is that shareholders will be specifically banned from putting resolutions up at the AGM to be voted on.

    SNOOPY
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  8. #5598
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    Quote Originally Posted by winner69 View Post
    Jeez ...$400k is a lot of consultancy ...wonder what he did to earn that

    Almost as much as the CEO got paid
    Paul Byrnes is a clever guy who has learned the Turners modus operandi well.

    Maintain seat on board (Ticket clipped). Use that position to recommend the most wonderful consultant (himself) to drive future strategies (Ticket Clipped). And what better place to discuss these forward thinking strategies than at the new Paul Byrnes owned restaurant (Ticket Clipped).

    SNOOPY
    Last edited by Snoopy; 25-08-2019 at 07:27 PM.
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  9. #5599
    percy
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    Quote Originally Posted by Snoopy View Post
    Paul Byrnes is a clever guy who has learned the Turners modus operandi well.

    Maintain seat on board (Ticket clipped). Use that position to recommend the most wonderful consultant (himself) to drive future strategies (Ticket Clipped). And what better place to discuss these forward thinking strategies than at the new Paul Byrnes owned restaurant (Ticket Clipped).

    SNOOPY
    Yes Hugh Green picked him years ago.
    Right man then,right man today.
    AIR brought in outside consults at a huge cost.
    TRA brought in Paul Byrnes.Sensible.Huge savings.
    Now were look forward to benefitting from his consultancy.
    Last edited by percy; 25-08-2019 at 07:36 PM.

  10. #5600
    Speedy Az winner69's Avatar
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    Quote Originally Posted by Snoopy View Post
    Paul Byrnes is a clever guy who has learned the Turners modus operandi well.

    Maintain seat on board (Ticket clipped). Use that position to recommend the most wonderful consultant (himself) to drive future strategies (Ticket Clipped). And what better place to discuss these forward thinking strategies than at the new Paul Byrnes owned restaurant (Ticket Clipped).

    SNOOPY
    ......and all done at arms length
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

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