All the action from AWBI had to go to Shepparton for a
speech last night so apologies for the delay in reporting back on
yesterday's remarkable AWB EGM.
Check out this
initial account
in today's Crikey edition.
Whilst
the AWB board have pushed the envelope by extending voting until
September 3, we've never before seen such a tight vote on such a vital
issue from such a small turn out of just 27%.
It wasn't clear
how many shares would have been voted at the meeting or which way the
open proxies would have gone but this is how the farmer votes were
positioned, remembering that success required a 75% super-majority;
For: 10,346
Against: 3,968
Open: 1,485
The
directed proxies in favour were 72.28% against when excluding the open
proxies but rose to 74.88% when including all the open proxies, so it
might have been that there were a few open proxies not with the
chairman that led to the public figure of 74.7%.
That said,
there are more than 18,000 different farmer shareholders who control
about 58,000 votes so both sides will now be chasing the 40,000-plus
votes that haven't yet been cast.
Based on the ineptitude of the
no case yesterday, it's hard to see them generating much more support
but this fight won't be over until the fat lady sings and any
subsequent court challenges have been defeated. Once that happens, AWB
shares will start to rise as institutional shareholders get back on
board.
Also, see Crikey
report.
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