Following its recent announcement of $4.7 billion in capital initiatives including the pro-rated renounceable entitlement offer (the retail entitlement offer booklet was released today), the company and its two executive directors have agreed to withdraw resolutions 8 and 9 from the AGM. These two resolutions sought shareholder approval to grant deferred share rights (STI) and performance rights (LTI) to the Executive Directors. I agree with the decision to withdraw the resolutions. As always the timing is interesting: release AGM materials on 18 September for AGM on 21 October; announce capital initiatives on 30 September (within 2 weeks of deciding AGM agenda and six weeks after the FY2015 results announcement on 20 August 2015), decide 7 October not to proceed with resolutions.
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