This thread is to document & discuss today's AGM and accompanying presentation.
Unfortunately I was not able to attend the complete AGM and had to depart at 10:30 to reach another meeting. Whilst I was there the formal business was conducted, with all resolutions being passed and Peter Seear gave a presentation whch I saw half of. The presentation is now on Caledon’s website: http://www.caledon.com/WebForms/2009AGMpresentation.html .
Of the directorate, only Nick Clarke, Mark Trevan and Peter Seear attended, with Jeremy Gorman, company secretary, also attending. Nick Clarke took the chair, stating that David de Jongh Weill (chairman) was away on overseas business. No apologies for absence were made. AFAIK only one other private investor attended. That investor queried the salary rises awarded to the executives in 2008, given the failure to meet production targets. The response struck me as unsatisfactory, relating to the share price and the coal price, neither of which are under the direct control of the executives.
The Board was also asked whether a deadline had been set for completion of the strategic review/bidding but was unable to answer as this is commercially confidential/price sensitive.
On to the presentation…
Coal market
Disclaimer
The author may hold shares in this company, all opinions are his own and you should check any statements that appear factual and not rely on them before making an investment decision. The author is NOT a qualified analyst nor authorised to give investment advice.
