Why I'm voting NO on the poison pillNot that I have enough shares to sway the outcome, but I'm going to vote no on the Shareholder Rights Plan (poison pill) resolution.
Management, especially Skippen, doesn't want a takeover. Skippen has guaranteed himself 2% of revenues and wants to be around for future revenue opportunities and the rest (except for Fattouche) don't have enought share ownership to make a takeover their prefered outcome. Management also realizes the stock price does not reflect the booked revenues to-date, not to mention the future potential of new signings. Unfortunately they are unwilling to divulge enough information for the market to make a complete/correct evaluation of the company. Management therefore has two options to insure the company doesn't get taken over at these ridiculous levels:
1.) divulge the information of the entire booked revenues (not just what 2011 holds in store and some open-to-interpretation revnue growth expectations and average life of revenue statistics)
2.) put in place a poison pill
Unfortunately they have chosen the latter and hopefully voting it down will force them to do the former.
Chi.