For those trying to piece the puzzle together, as a ten percent holder of Antaria, I have nominated Chris Silvestro to join the board. Most of you would know Chris for his posts under the name @vestro.
I meet Chris at the 2014 AGM and we have formed a friendship based on a common interest of investing. We both went over to Welshpool and visited the two Antaria factories in late 2015.
There is little doubt that in recent years this company has been saved from oblivion thanks to the stewardship of Rade, Ron and Lev. For that, we are both grateful.
I only started to get concerned with the board composition when Ron stepped down in March and was replaced by Geoff. In my view, Ron was a fiercely independent director who also had a significant holding. Geoff by his own admission is not independent and has no holding.
With all three current directors being associated in some way with Lev, I think it’s just right that other shareholders interests are represented. Especially considering there are related party type transactions being considered by the board.
While I have a friendship with Chris, that is where the association stops. We are not in business together, in fact, we live in separate states.
Chris will be communicating with shareholders in the coming weeks.
How long will the meeting take? If it’s just the two of us asking questions then it could be over in ten minutes. Hopefully a few more will rock up and we will end up with a full explanation as to what is going on and a new director. I would like to think that it would be all wrapped up in two hours.
I am not sure what country you reside in @Chime, but in the state of Queensland, we believe that it is good to have some independent oversight, because absolute power is not always a good thing. I am not asking the board to fully adopt the ASX Good Governance Principals; I am just asking that they continue with a practice of having at least one independent director.
If you have any questions, fire away. For those who would prefer to keep their communication confidential, I can be contacted on [email protected]
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