Voting on the GBN 06/19/07 proposals
I just read through it, and they are difficult, if not impossible to figure out. That seems true of many other companies,who have sent me voting materials in the past also, however. No wonder that so many shareholders just don't vote.
I don't like the idea of Preferred Shares, they are proposing again. They point out that proposal failed by a small margin last time, so they have it on the ballet again. As I remember many companies eliminated their share class, Preferred Shares, as something from the past. Preferred Shares, usually have special voting rights and other privileges not afforded to Common Shares. I see the Directors will have the authority to determine what the privileges will be on these shares. I currently plan to vote against this proposal.
As for the other proposals, the Shareholders Rights, I may just not vote on that one. Perhaps some of the large companies, who hold a lot of shares of GBN, like some of the precious metals mutual funds, have persons who are knowledgeable on this, and they can do the voting for us.
Not sure about the revised Share Option plan either. They have had years to work this out and this plan has been revised many times. So I am inclined to vote against it.
GBN, as does many other companies, appears to have no desire to explain the proposals, in terms the average shareholder can understand, and that could be the way they want it to be. I am not going to vote yes on anything I can not understand. Fortunately I am set up to vote on the Internet, so I have time to work on this before the meeting on June 19, 2007.
Does anyone have any ideas on these proposals?
