I'm struggling to see how the BOD has acted in the best interest of the SH's as is required. (and hasn't for a looong time).
I don't believe you can really litigate for incompetence ( on single bad decision) but a "pattern of behaviour " that is not consistent with the requirements/legalities of the position that the BOD hold may make the BOD liable for prosecution (under the corporations act)?
need to look into this further as i am no legal expert ..........
UML Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held