Sitting mute as Iama disappeared in 2001

January 29, 2008

Not organising a proxy meant I wasn't able to say anything at the final shareholder meeting of Iama, as this Bruce Brammall article in The Courier Mail on February 9, 2001, pointed out.

IAMA'S marriage to Wesfarmers was sealed with a lightning-fast 26-minute annual meeting yesterday.

Fewer than 100 shareholders attended the meeting, voting overwhelmingly in favour of Wesfarmers' takeover.

"I guess you could still make it to the (one-day international) cricket to see about the third over, if you want to get wet,'' chairman Neil Roberts said as he wound up proceedings.

Just under 10,500 proxy votes were cast opposing the merger.

A clear show of hands carried the motion, with about 12.5 million proxy votes, if necessary.

No questions concerning the merger were asked from the floor, not even from shareholder activist Stephen Mayne who was present.

Similarly, there were no questions put to the four directors up for re-election.

The super-fast meeting's only controversy was the failure, by about eight votes to five, for Perth-based Anthony Fels to join the board.

Only Mr Roberts and fellow director Hermann Mani will go on to be directors with Wesfarmers.