This is a comment from seekingalpha author "Pentium Man" on the results:
"The statement accompanying the voting results is conciliatory, but it fails to address the core issues leading to investors frustration. The new chairman talks about improving communication as a cure, while this is a constructive step, the real frustration stems from a divergence between shareholders and the company on the proper strategy for the company, the proper capital allocation, the proper legal structure, the proper dividend level, expense management, the possibility of a buyback and the overall suitability of the current management team. Failing to address those core issues will likely lead to further upheaval.
In my experience Boards are never able to "self heal" a fundamental change likely necessitate further shareholder involvement."
What is not mentioned above is that if the dissident shareholders were allowed to vote no legacy director would have even touched 50%!!!, and the problem is a failure to communicate?!!!. They mean the klap video on equal website didn't bring the love?.
not to minimize any activists' achievements I would like to ask what could they possibly do that they have not already. In the past 18 months they have spent countless hours and substantial personal funds trying to achieve fundumental change. They have laid clear and rational objective proposals out to the management and board without achieving little material changes ( as evidenced by our share price). Klapko has been successful using his position and company funds to thwart any initiatives. It appears he has bought himself another year to collect a nice unwarrented salary. Meanwhile I suspect there are others like me that have truly gotten apathetic about EQU's potential If I were Nawar and Co. I would be re evaluating my personal investment and comittment. I know when we first spoke he had no idea that the company would be this recalcitrant and cost this much to make changes.. his cost risk ratio has to have changes since he first started.
With just 50,000 shares I am a bystander hoping for change. That hope has just about gone.
The illogic of logic.
I bet management twist on the vote is as follows.
We had about 20 million who did not vote.
Those 20 million would be in favor of management.
So real vote total is 28-30 million for and 4-6 million against.
No change is needed as most shareholders agree with management.