Ann: $2.48m Non-Renounceable Rights Issue, page-21

I don't know the board members of 1st, so I won't comment on them specifically.  Though I am also inclined to agree with you, how important are board's really?  And how well does someone who comes in for 1 meeting a month really understand the company?  Yet collectively, boards often cost ~$300 - $500K.  Which is meaningful for a Microcap.  Unless board members are substantial shareholders also (i.e. founder transitioning into Chairman role etc) then I don't think they are hugely influential.

Aside from that... Corporate Australia seems to suffer from a bit of 'momentum effect'.  Once you are on the board of 1 or 2 companies.  the next 2 are much easier, and then the next 8 are a breeze.  And before you know it you are the board of a retailer, financial services, construction company etc,  happy days!

Of course, I am happy to hear any alternative viewpoints on the value of boards.