Frank's Black Eye for Shareholder Democracy
Independent Financial Research
Frank's Black Eye for Shareholder Democracy. Two weeks ago, Frank Lowy spat the dummy when it looked like he wouldn't get the support he needed to split the Westfield empire. Rather than accept that his wishes would be denied, the board postponed and rescheduled the meeting. They spent the next two weeks on the phones encouraging other shareholders to accept, and perhaps encouraging the more compliant shareholders to buy more stock. The Westfield demerger meeting went ahead today, and this time a not-so-cranky Franky got his way. One-sidedly, the ability to postpone the meeting sits with the board, who in this case were desperate for an 'Aye' vote to please their paymaster. Anyone else see the gross unfairness in all this? Frank won today, shareholder democracy lost. (VIEW LINK)
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