> : Now, TGC is on record that the 400 shares they issue have right to > vote. > : OK. > : What does that mean? > > Danny, clearly you have misunderstood the voting rights attached to > shares. The fact that these shares have voting rights does not mean > that you can "practically" vote if you have one of these shares.
Then it would have been more correct to state that the shares have no voting rights at all. What is the point of voting rights if no voting will be done? That's like my neighbour who used to joke that his car has airconditioning, only there is no button to switch it on. What kind of airconditioning is this, if there is no way to use it? > > Now look at the TGC offer... The shares on offer are less than 10% of > the total shares. Even if you owned them all, your vote would be > insignificant. Imagine how much less your vote is worth if you only > own a few of these shares! That misses the point completely. Apart from the possibility that even 1 share can make the difference in a close vote, the voting rights are there for a very good reason. A company with voting shareholders, is more or less a self governing entity according to the rules it has set up for itself. The purpose of giving voting rights to the ordinary shareholders is to build in a mechanism that prevents the board of directors from using their power in their own benefit. That means if the directors are doing a very lousy job, they may not get reelected in the next annual meeting. If your shares have no voting rights, you are not able to do anything. But voting rights would be totally meaningless if there is not going to be any occasion to use it. That's what seems to be the case with TGC The fact that only 10% of the voting shares are issued to the public, is not a valid argument not to give any specifics about when , how and where is going to be possible to vote. The US government could use the same argument to deny you the right to 'practically' vote for the next president, because your 1 vote is going to be insignificant.. That argument won't cook. Just today I received an invitation to vote on the next annual meeting for one of the US stocks I am holding. I have only 1000 shares in this company (out of 31,918,122 shares outstanding), still they send me this papers. Following points are put up to vote for all shareholders: 1) 5 new directors on the board, which you can vote for or against 2) proposal to appoint Deloitte & Touche as independant auditors of the corporation for 2003 3) a proposed share transaction with another company 4) a proposed amendment to the company statutes Besides turning up in person at the annual meeting, I can also use www.proxyvote.com inorder to make my choices count. Proxyvote.com is commonly used by most companies to allow their shareholders to vote. I am not saying TGC should do it exactly like this, but if they state that shares have voting rights, they also have to specify how and what these voting rights are going to be... It's just a commone sense thing. Danny --- You are currently subscribed to e-gold-list as: [EMAIL PROTECTED] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
