My expectation is that the mechanics of getting the proxy info out is extremely straight-forward. I don't know the details, but I expect the transfer agent and brokers all have the capabilities and you simply set the event in motion with whatever you need to be sent out.
What I meant was the 'selling' of the vote. That takes effort. The writing of the proxy takes time and thought. The preparation for a conference call - i.e. internal discussions around 'how are we going to address this point', 'how are we going to address that point'. Just as an example, on the call when they had the question around selling simulators to individuals, it sounded to me like they were reading a prepared answer, with the research as to why it didn't make sense. They'd done their homework on that one.
I'm happy with the way they're running the business, but I have this picture in my head that they're less than thrilled with the part of the job that entails managing the public aspects of the company (though I don't believe this is their sneaky way of trying to take the company private).
I don't think the communication around this proxy was done very well. Give them an easier way to get their approvals and I can imagine that they put even less effort into it in the future.
My other line of thinking is this: as a public company, anyone who buys that company has some kind of baseline assessment they've made. If management wants to change that baseline, I think it's right that there be such a high mark to be reached. I expect to vote no to the R/S (holding off until close to the voting date to see if some information changes my mind) as I think the risk is too high compared with what I believe the company has shown its skill level to be in managing IR. I could be wrong about that and if it passes, I'll ride it out.
Someone else could be dead set against it and will likely sell if it's passed. If two thirds of the shareholders agree that this is a good thing, then so be it. But if I'm the guy who really hates it and would sell, I'd hate to find that only 70% of the shareholders bothered to vote and of them, only 52% voted yes. Roughly a third of the shareholders forced me to change my plans. Doesn't quite seem right.
-Pat
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