FRM 11.8% 30.0¢ farm pride foods limited

'srammbled board eggs all round'

  1. 3,957 Posts.
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    Last week i went along to the EGM of FRM as a 'visitor'
    but in many respects i wish i held just one share so i could throw my two bobbs worth in
    In brief, the chairman stood up and basically lied to the faithful that his recollection was that resolutions would 'not' be put foward at any future EGM on the sale of the core business
    At this point lafter from the pack in the theatre broke out as many of us could not believe what was being said
    To make things even more entertaining we were informed that other offers for the core business were also put to the board but for some reasons not explained to the stakeholders and all were denied
    In addition Mr Frank Pace a large shareholder was denied the opportunty to vote
    I thought one share equalled one vote but not in this case at an FRM meeting!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    I don't know Mr PACE but he seems a nice bloke and provided entertainment on a day when the board really needed an ASX rep there to remind them of their corporate responsibilities and corporate governance required
    When the pressure got to much for the chairman along came the lawyers to the rescue
    To make things even more interesting a rep from the vic farmers fed got up and said she'd like the whole meeting adgourned
    A 15 minute break was held which gave the opportunity for key shareholders to give their mobiles a good test by consulting with their own legal eagles
    On resumption we were told that we had to be out by 12 noon and then a 'hot auctions' style bidding started between the WA egg board and the Vic Farmers on the date to be set for new EGM handled by none other than the chairman himself
    Where's Michael Keating when you need him?
    In the end they settled for the 15/4/03 as the contract date is 16/4/03
    Obviously the boards made up it's mind
    I'm tipping there will be only about a dozen people in attendance next time (board members included)
    This meeting provided much entertainment which you'd pay good money for and i'm only glad i'm not a shareholder supporting the dodgy brothers incoporated board currently in place and the poor choice of chairman if ever i've seen one in over ten years attending AGMS at all sizes

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