With regard to the General Meeting I have spoken with my friend who went to the meeting and I asked him what went down as there were no questions from anybody which was very strange from my perspective given the position the company is currently in, the following is what was relayed to me about the meeting he had.
Present were Micheal Ramsden, Dominic Marinelli and Oliver Carton the company secretary also present was a young woman who was doing the numbers thing he thinks and the new CEO was online.
Anyway he was a minute or 2 late to the meeting which had already started but he said the reason for that was he thought the meeting would attract plenty of concerned shareholders and when he looked around for the room he was amazed that there was a A4 sheet sitting on the wall in a small bar pointing to the Auz Meeting which pointed to be upstairs from the bar, when he got upstairs and walked in it was a small room just big enough for 10 to 12 people no more, he sat down and listened to what was said and was bewildered no questions from anyone.
Oliver Carton then halted the meeting, on Micheal Ramsden's word after this my mate in his words bombarded the board that being Marinelli and Ramsden with these following questions,
1: Why has the Board not been forthcoming with what transpired with the SKI walkout and why has the board failed to be transparent towards shareholders what was or are the Board worried about in respect to informing shareholders the truth about what happened after SKI walked and don't you think if the board was more open and honest then shareholders would take a much better view of the company.
He said Ramsden and Marinelli both had a pitch at it but failed to give any clear answers or reasons for SKI walking away and both seemed surprised by the questions as to being transparent with shareholder's he said they didn't even want to go there.
He also asked about Benjamin Bell and the money the company was fined for its discretions and from what Marinelli stated it was covered by insurance and wouldn't come out of shareholders funds and that Asic had agreed not to take it any further, but were still pursuing Benjamin Bell through the courts and that he would be covered by the insurance put in place by the company but Marinelli wasn't sure how much he would be covered.
The question on the revised BFS was put to them, my mate said he again couldn't get a direct answer to when this would be done or completed, they fiddled their way around it by saying the new CEO would be looking over everything before any more announcements would be forthcoming.
On the new CEO he did ask why a bloke on a million a year would step down from a company such as Oceana Gold to a specky stock like Auz and Marinelli said after he left them Holmes had a sabbatical and come home to Queensland and wanted something in his own state to run hence the joining with Auz after Benjamin Bells dismisal.
One thing my mate was concerned about was the fact that Ramsden didn't look at all interested in anything he said he looked like something the cat dragged in either that or he had a big lunch drink wise in any event he said it was like he couldn't be bothered maybe he may well step down at the next AGM wait and see.
They were also asked about LG and if they happen to walk away if funding is not forthcoming by December and what has Auz got in reference to others with regard to obtaining finance Ramsden said they have people bashing down the doors to get on board but as they have LG they need to continue working towards continuing their relationship with them and will extend any agreement if LG want to.
I asked my mate if he thought everything was above board in regard to their demeanour and he wasn't sure only to say that he thought something was NQR.
But he also said the bloke who has taken over the reins namely Holmes should be given a chance to sort the wheat from chaff then make the necessary changes required at a board level that would then give the company a fresh start and a better outlook moving forward.
Its not much so apologies and he did ask some other pertinent questions but I forgot as I had a meeting to get to, so peeps can dissect and make of it what they want, one other thing he did say was that Ramsden told him the New CEO had locked his self away to read and engulf himself in all things Auz.
If I remember the other stuff we spoke about I will post later, cheers.
AUZ Price at posting:
8.1¢ Sentiment: None Disclosure: Held
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