Why your proxy vote matters...
As justification for why AGM's and other procedural matters were irrelevant, my finance proffessor taught that shareholders who were displeased with management needed only to sell their shares and move on rather than actually vote their shares. I have to admit that I'm impressed so many of OX's shareholders are passionate about OX to proxy their shares to someone. If they truly believe, then you can make a difference and prove my professor wrong.
Ensuring your vote is counted matters, and here is why .Last year, many shareholders did not proxy their shares, including some of the funds invested and bigger shareholders.The decision last year to oust Ali Abbas Al Hazeem as a director was taken with 31MM shares (Jacques camp) to 30MM shares (Management and others). Just 1-2MM extra shares in the hand of management or another independant person could have made the difference. In reality this whole exercise may just have been a show - no one quite knows. Mark Billings has told me, in the past, that there are 4,000 shareholders, and estimate thereare 50MM shares held by retail holders. There are about 150 regular readers of this bull board.
Many small shareholders are looking for someone to represent them, you're choosing David Hatchette. I must disclose, I've known and worked with David Hatchette for 14 years at three different companies. He has earned my trust through our constant work together. In addition he's a geologist and worked on the site for several years. Everything that has been written on the OX bullboard about him having shareholders interests at heart is true. He is a person of great integrity and I get more information about OX out of others than from him because he takes his job very seriously.
Over the last two days I have spoken at length with both David & Mark. I take David at his word that there are legitimate reasons behind most of the delays and problems which he would not disclose to me because they cannot be made public, but that he says will be made public at the appropriate time (and my suspicion is that it won't be OX or OSK making the reasons public but some other party.) I have heard the exact same message from Mark Billings. There was an issue, it has been resolved, wait for it to become public.
Iam disappointed with some operational aspects of this company, tardy website updates, timeliness to commitments, but as a business owner myself I can understand why these things (while very visible) come as secondary priorities to the main business of exploring and proving out the resource. I also know how just one person or event can disrupt your entire plan. As a business owner it is prudent to ask for advice and review all plans, expenses, and just because the something has been done one way for years, doesn't mean its appropriate and should continue. In this respect I believe David as an independent director will continue to ask appropriate questions about the company's plans, financing etc.. In doing so he's not attacking anyone but doing his job as aboard member who is doing his job as an independent director.
Normally for other companies I too would ignore my proxy or provide it to management. However, because I have a personal relationship with David, he has my proxy. He will almost invariably get it in the future so long as he's on the board and I'm a shareholder. This is not a vote against Mark Billings, as I fully support him too. But, it is a hedge against any more hijinks at the AGM when an independant voice may be required to arbitrate between two opposing positions. If I want a king maker, I want it to be David.
I believe over the coming few weeks much more information will come out that will help put the whole thing into appropriate perspective. Until then we wait, and we vote. If you are one of those passive OX shareholders and haven't proxied your shares, I strongly suggest you do so this time, simply to remind EVERYONE on the OX Board of Directors that 4000 share holders are watching.