RE: Pinkers re: Tosca (Thu 13:02)17 Oct 2015 15:55
I'd just like to point out that on 25th August (AGM) the actual vote for BM continuing as CEO was as follows:
For - 86,002,758 (80%)
Against - 21,513,948 (20.0%)
Withheld - 5,108
Total Votes Cast - 107,516,706
Blinkx at that point had total voting rights of 402,774,832 according to RNS's both side of that date so, ignoring the withheld votes, that means only c.26% of the total eligible votes were cast. Those cast in favour of BM amounted to 21% of the entire voting rights, those against about 5%.
At that time, RG was holding 10.03% of the total shares, amounting to 40,313,135 votes. Tosca, 13.43% which equals 54,106,562. As you can see, if either of them had voted against BM, the amount would easily exceed the actual votes cast against him.
That doesn't mean that they actually voted for him though. Clearly both didn't, otherwise the amount would exceed the total number actually cast in favour. We've got no way of telling because we don't l know who cast their vote and who didn't. But clearly neither voted against, and not both of them voted for. One or the other might have voted for him, but we've no real way of telling.
But that was then. What if, for example, Tosca voted in favour, say by post, but was then miffed by BM's seeming 'manoeuvring' to keep his job by only announcing the poor trading update the day before the AGM? Something like that might have pi55ed them off about his leadership style, and they now may be accumulating enough to oust him in future, if the scenario you're painting were to be true.
The institutions like Barclays, Hargreaves, Halifax and TD Direct are probably just proxy holdings for shareholders like us, so I don't think they'b be part of the concert party, if indeed there is one.
But I think R&M (4.92%) and Mike Lynch (4.45%) might well be.
I've said before on here that IMHO this is Mike Lynch's scenario (following his Sunday Times article last year) for de-listing Blinkx and eventully re-listing them on Nasdaq when they 'suddenly' become profitable again. The company will only find it's 'true' value in the US, as Lynch suggested in his article
I also think the BOD are in on it as well.
I personally would like to see BM go, although I know others on here strongly disagree. I always thought the initial response of the company to Edelman was inadequate and he was responsible for that. His presentation skills are poor and he doesn't inspire confidence as far as I'm concerned. Everything since Edelman has gone from bad to worse and the late profit warning the day before the AGM was unforgivable. That and the over-generous 7 million share option awarded despite the SP being destroyed over the past 2 years. So I think he should go.
But I certainly don't expect him to go. I suspect he's already got an invite to the party and won't be bothered about minor details about future share options and the sp level needed to trigger them. I reckon much sweeter pills await.
All IM(very pess