Good questions Mr Detective, but I'd go a bit harder.
The new board have no incentive to relist this company ASAP.
The conditions were all wrong. They should have been paid 50% less, with an incentive payment for early relisting. This was the shareholders mistake. We are once again being treated as gullible fools.
The new directors are getting wealthy on up to $2,000 a day, without spelling out any of the fine details of what the problems actually are, or how they are being addressed, or how much time is being spent on each problem (and by whom). And it's shareholder money that is paying them for all this. Given this information, shareholders would be in a position to calculate the rate per hour that their own hard-earned investment funds are being used, and who's being paid, and what for.
I expect the next announcement to say two things, firstly that there will be a further extension of the trading halt for at least a month (or more), and secondly this is because new issues have become evident as a result of the new board's investigations, though once again without spelling out to deserving shareholders any of the relevant details in any respectful or deserving manner.
Is this the new board continuing to feather their own nests?
Shareholders are currently missing out on the surge in Lithium company share prices world wide. Do these new directors actually care though? Quite frankly, IMHO they may not give a damn, because how much do they have invested in BGS? There only investment is in the DAY rate of their remunerations, and some of them are getting a personal rate on top of a consulting rate to their own company. Some analysts might see this as a type of rort.
I fear we have replaced one group of avaricious directors with a new group who are just as ravenous, all of them treating the shareholders of BGS as naive chumps and suckers who are easily duped and then taken to the cleaners. We've seen no fine detail or in-depth description of the problems. We are asked to believe on faith, while we pay these people large amounts of money on a daily basis.
The new group of directors have actually managed to pull off the trick, and that is to convince naive shareholders that they are actually doing something invaluable, that takes large amounts of time, though without actually spelling out what that is in any detail. They've convinced shareholders they are indispensible, and should be extended to undertake investigations for as long as possible, and whenever they find anything, there should be a further extension of the trading halt, and that the responsibility for lifting the trading halt is the ASX's and not theirs. Who does this benefit the most?
Welcome to the show my friends, the show that never ends, the show for all my fellow BGS captives.
Emerson, Lake and Palmer.
Karn Evil 9.
Welcome back my friends, to the show that never ends.
ELP - Karn Evil 9
Gw
