Legal action against the board does not surprise me given how sloppily the board/management have handled paperwork relating to registration of ownershiop et al.
Its pathetic that shareholders are the ones that get hurt when management and boards who milke high salaries cannot even attend to simple processes involving paperwork. No excsues are acceptable. They should have been hounding the JV partners relentlessly on this issue but they didn't. Yet in the meantime, they kept telling shareholders they were the owners and NEVER made any mention in company releases about registration of same was actually incomplete.
Oh...sorry...yeah they did mention it.....AFTER the $hit hit the fan last month.
A class action against the board and management will definitely have "legs", in my opinion. Unfortunately for shareholders the board and management let you down...but they keep cashing their salary cheques.
Coop
possible class action - afr 20/8/12 p.7, page-8
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