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For SLReports.net
87% of Special Situations (SAS : ACE) shareholders turned out to vote for the unprecedented slate of proposals tabled by CEO Wenden Xeno, as announced today in a press release. Since the Linden Lab announcement of Openspace Policy change SAS(ACE) has been caught between a rock and a hard place. A great deal of SAS(ACE) investments were tied up in JAM(ISE), which was itself hit quite directly by the policy change.
SAS(ACE) is the only Publicly Owned Company that allows for 100% democratic shareholder participation in company decisions.
Private investor Arbi Tomsen bought a majority shareholder stake in the company, including the largest portion of the Secondary Public Offering earlier this month, and earlier this week announced the innovative new SASw(ACE) IPO.
The number of votes counted were 564,704, and every single one of them were "Yes".
The policies announced included:
Election of Company Officers: Company Officers are to be elected in January every year. To be eligible for election, an Avatar must own at least 10,000 SAS shares. Each January, Interested Avatars are to request nomination for each post. Avatars shall be voted into each post by the end of January. There are three posts available: CEO, CFO and Senior Analyst.
SAS Strategy: "SAS strategy is simple." Xeno outlined following the vote, "The companies financial operations are split into Currency Trading and SL Stock Assets. Whilst Currency trading proceeds are returned to shareholders via dividends every month, profits from the appreciation of stock assets are only returned to shareholders when a benchmark stock asset value of 300,000L is exceeded, with the target stock asset value set at 400,000L." A clarification of dividend payment policy: The currency trading float is to maintained at 300,000L, with 100% of profits from monthly currency trading returned to shareholders as dividends each month. SL Stock Assets are to be invested by the CEO to the best of his/her ability. The Target total asset value (the sum of stock assets and cash) is 400,000L. Share buybacks and Dividends shall only be paid with profits from total asset value if it exceeds 300,000L. Profits from appreciation of total asset value are to paid as 25% Profits used for share buyback and 75% Profits paid out as dividend.
Shareholder Voting Rights: Any shareholder or combination of shareholders owning a total of at least 5,000 SAS shares may propose a vote on any motion. The CEO shall fairly execute a vote on all proposed motions, with 1 vote awarded per share held.
Pay Awarded by CEO: The pay of CEO is performance related. The only source of payment is through Dividend Payments and through the accumulation of shares by stock buyback.
And finally, The CEO shall never sell any SAS shares.
SAS(ACE) had been knocking on bellweather status, having paid a consistent dividend for the last 7 months for a total dividend yield of L$0.24969224 per share, and a 6DYA(6-Month Dividend Yield Average) of L$0.04045704. Shareholders overwhelming voted at the end of October to use the L$20,000 that was set aside for dividend payments for rebuilding SAS(ACE)'s stock portfolio following the massive JAM(ISE) losses following the Openspace Policy Announcement.
CEO Wenden Xeno has been one of a handful of participants in trying to acquire the assets of beleagured GIIF(ISE), but has faced resistance from other ISE investors and bidders as his proposal would see GIIF(ISE) assets migrate to the Ancapistan Stock Exchange (ACE).
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