Class Action?, page-59

I was in a smaller boat for longer having purchased at $1.34 back in early 2011 when I liked their story however I can remember thinking that the conditional takeover offer by Cathay Fortune in late 2012 for $1.70 was very attractive and was annoyed when the board rejected it.

That annoyance grew as the share price slid to penny dreadful levels over the next few years but I must be a slow leaner because I threw some more coin at it in mid 2014 at 3 cents after yet another rosy projection by the board.

The Piper Alderman class action is aimed squarely at KPMG's report in the DML target statement which concluded that the Cathay Fortune offer of $1.70 wasn't fair and reasonable. The reality was that it was quite generous and KPMG had to really massage the truth to show otherwise.

The bottom line is that the DML directors would have told KPMG what they wanted them to say in their report and are just as guilty but that is harder to prove. In fact if ASIC had any teeth they could go back over all DML's annual reports and press releases over the 2010/2015 period. They would find enough lies in there to put the DML board in her majesty's hotel for a good while but that's never going to happen.