Larry,
I was only able to attend the morning session of the AGM, but certainly saw enough to understand why this company is in the trouble it is. Your suggestion to Fred that he accept the reality that he was outvoted hugely was excellent. (18 million to 6 million left no doubt as to the question of who was in charge even if all those, such as myself, who failed to understand the proxy information had been able to vote all of our shares) his unwillingness or inability to swallow his pride and do what is best for the company speaks volumes about his ability to lead this company in spite of his eloquence, business acumen and financial connections.
On the other hand, Sid Kemp's handling of the meeting and the quite justifiable shareholder anger left me very unsettled. He made no attempt to show any understanding for those who found themselves unable to vote their shares or effect the changes in the company they had sought. He was by turns truculent and dictatorial. I understand that the proxies gave him every right to be, but a small show of humanity might have gone a long way towards finding some common ground. I have previously stated my preference for management with a financial stake in this company, but I harbour no personal animosity to this man and if he can do a good job I will support him.
My disappointment with the meeting was that no one seemed prepared to make the grand gesture that you requested of Fred. Each seems content to pursue their own personal agenda and "damn the rest of you". Surely it is obvious that this will lead only to Pyrrhic victories for the individuals involved, and Naxos will only be weakened in the process. Until we can get back to facing our challenges with unity, this company will go nowhere.
I would like to make a plea to management and shareholders alike to simply accept that there are people in this company whom you may not see eye to eye with, but who have power to harm the company either through policy decisions or market activity. All of us need to feel that we are considered when decisions are reached and it is the duty of management to dispel any sense of disenfranchisement among individuals or groups.
To the disaffected shareholders I would like to ask that you simply face the facts. Current management has achieved power legally and democratically. Any attempt to reverse this result is going to be costly, both financially and in morale for the company, and is in all likelihood doomed to failure. Many, like myself, who might have looked objectively at the merits of a change in current management prior to the meeting will not support a costly and disruptive effort to alter the power structure at this point.
To management I can tell you that if you place the value of the company ahead of personal issues and make every effort to keep us informed you will have my complete support.
Lawrence |
