Recent selling by founders might not augur well, page-4

You may have solved the mystery, something I've wondered about. A large number of shareholders voted against Geoff Baker and Ross Williams, two of the founders, when they came up for re-election as directors. The insider dealings may be why.

I suspect the transactions were at arms length and benefited MLD, and in any event the amounts aren't enough to cause me to change my view.

I'm wondering about Baker having owned 15% of a competitor, Alliance, given that he's MLD's director of operations. If he acquired the interest after MLD went public, I'd fault him for bad judgement -- the position in Alliance was worth a pittance compared to his MLD shares and appears to create a conflict of interest. If I had been a shareholder at the time of the vote, I still would have voted for him, as I suspect he's a good part of the reason MLD has been so successful.