Hmmm, let me think about this for a minute.
1. The Board is proposing a return of capital;
2. The single largest shareholder does not support the return of capital;
3. Of the previous top 20, 6 or seven have sold to the new largest shareholder;
4. These 6/7/8 shareholders clearly did not support the board's business plan nor the proposed return of capital (or they would not have sold, surely);
5. There is a 249F Notice to remove the Board;
6. Amery holds 1.3m shares valued at what, $70k (yawn);
7. The Chairman, Alex Lang holds nil shares values at $0 (that is, 0, none, nothing, zip).
Is the outcome not crystal clear?
How can this Board claim they are acting with the support or a mandate from Shareholders?
Are we missing something?
Is this Board simply wasting more shareholders funds on legal letters that will not change the outcome?
I want to know why this Board is not just moving on, I suspect there is more to this.
Does anyone have any thoughts?
MEL Price at posting:
6.4¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)