I saw russwinter's post just as I was about to post a reply to Elizabeth, so now I see that there is more than one way to skin a cat. Also, I see mention of a poison pill, which I overlooked, so that might change what I was saying to Elizabeth - which was as follows:
Elizabeth, while I do not agree with the proposition that corporations are democratic organizations (it's the
number of shares that carry the day, not the number of people), I do applaud your suggestion that we work for
a change in management.
I have a very small stake in this company so cannot justify putting much time into it, but this latest outrage has my blood boiling on general principle. So I will certainly join in any collective effort to remedy the situation. Just a few observations in this regard:
1. Time is short. The AGM is July 20, so the critical path traces back from that date. Success will require a
plan of action, accurate definition of legal/technical requisites for executing the plan, and someone to
co-ordinate the assembly of votes for change (might that be Elizabeth's voice I hear volunteering :-}).
2. There is the not so small matter of identifying potential new directors who would have shareholder
confidence.
3. Beware of surprises - legal or otherwise. For a hard lesson on what some people may do to resist the
"democratic" expression of dissident shareholders, review the story told by a group who tried to attend the
AGM of Thermotech Technologies a couple or so years ago. This experience, as told repeatedly and in detail
on several web forums, was said to include being locked out of the meeting to stand around helplessly outside
in the winter cold. The lesson here is the importance of complying precisely with all requirements for the timely
submission of votes by proxy AND to ensure entitlement to representation at the meeting.
In the case of SJD, democracy has a chance because I believe non-insiders hold an overwhelming majority of
shares. That should make the job easier, but nothing can be left to chance. The biggest challenge might be to
get the word out and to fight summertime apathy.
In the latter regard, russwinter's post re poison pill may be an important qualifier. Final point, how do shareholders agree on what course of action is best - we could spend three weeks debating options - back to the time factor. This is a big undertaking and would require competent, dedicated leadership by someone who has the time and energy to provide it (did I hear the voice of russwinter volunteering? :-}).
Bottom line, my few votes will go to any reasonable alternative to the status quo. I would just like to see justice done here. |
