Ann: Voluntary Suspension, page-296

OK, I was happy to let this topic slid by but if people keep asking and questioning my opinion then I feel the need to further explain my position.

When I am selecting a company to invest in I now consider the BOD's interaction and performance as a major contribution to any investment decision.

I think that it was Buffet who said something along the lines "I would rather invest in a mediocre company with great management than a great company with mediocre management".

I have been investing in the ASX since the lates 90's and have picked both winners and losers. What I have found in general is that the losers BOD's generally display a poor interaction with the shareholders. By this I mean:

* Only issue announcements at the last minute with the minimum amount of information.
* The only skin in the game is gifted shares with no or very little of their own $'s invested.
* Paid themselves high wages and set easy to attain milestones and then give themselves a performance bonus
* Set performance milestones and issue shares/options for essentially doing the job that they took on.
* Allow the share price to drift lower then accept and support a buy out at say a 40% premium to the deflated price but in reality it is a huge discount to the share prices weeks or months prior.

To me leaving the announcement until the last minute infers that the shareholders are not a high priority and this is one of the things that rings alarm bells for me.

I have seem this before with PRW, QMN, APG, VTI, DOU and maybe 10 or more other spec stocks. In my experience there are far more duds than winners and the BOD has an enormous impact on the companies success. If the BOD are immersed in self interest then the shareholders will suffer.

At this stage (in my view) the jury is still out on A40 but to me there are some undesirable things starting to emerge. Others will no doubt disagree.

Cheers

Newbie Thomas