The threads have repeatedly seen the defence of the company by certain type posters for not keeping shareholders informed with a "throw away line" of
ring the company, I just roll my eyes at this, seriously! Currently WFE had a total of
3,284 shareholders (as per the annual report) so let's all pick up the phone and call,
versus actually adhering to the company's own Corporate Governance of continuous disclosure.
@mr_delta re: "
they too do not have any overhang about the previous ASX rules of non-disclosure and all that... so they can probably talk more freely..."Although de-listed they are still bound by
regulatoryrequirements for continuous disclosure, governed by section 675 of the Corporations Act, which is identical to what they were bound to under ASX listing rule 3.1 which was governed by section 674 of the Corporations Act.
It was fine for the company to cite the ASX not granting an extension, but they gave no indication on what grounds they were trying to have an extension applied, we can rule out the Annual Report because it was announced in the nick of time, leaving the shareholders with only speculation as to why it was de-listed. I can recall the "Trumpets blaring" and the furore when the company eventually got around to updating the website, to now have it suggested that "not many spec companies update their websites", although this is specifically covered in the company's
Corporate Governance under the shareholder communication policy:
WebsiteThe company is committed to maintaining a Company website with general information about the company and its operations and information specifically targeted at keeping the Company's shareholders informed about the Company.
Also, in the announcement 2nd June 2020, the company clearly states "
shareholder updates will be made via the Company's website post de-listing from the ASX". Saying all that, I would suggest at an absolute bare minimum
the company should have sent out an explanatory letter to ALL SHAREHOLDERS and not leaving it up to a stock forum site and an outdated web site for suffering holders to try and get information.
By default, the prohibitive ability of the current board via a lacking skill set mix
IMO I doubt would be able to find / progress an acquisition, which was highlighted by the lack of any business strategies and/or prospects for future years not being included in the released Annual Report, between the 3 boards members their expertise lays in fund management, a junior stock broker and a project manager with a
combined total of 2 years experience running an ASX listed company, makes it an even harder task to get re-listed.
It of course doesn't exclude the possibility of them getting advice from seasoned consultants
experienced in the DRC or where ever ....
cheers
