sack the board , page-11

The week in (Business) ABC Inside Business
Date : 09/09/2007

TOM ELLIOT, MM&E CAPITAL:

In contrast to the volatility of the previous month, trade on the ASX this week was pretty stable.

And notwithstanding the view that private equity has departed our shores for a while, there was still plenty of corporate activity to keep traders glued to their screens.

Aggrieved shareholders in 'Coates Hire Limited' (COA) continued to vent their collective spleens against the company's board after it knocked back a second offer for the company.

As is the case with other recalcitrant boards such as those of GRD and Orica, large institutional shareholders are legitimately mystified as to why they can't be allowed to consider takeover offers themselves.

Watch this space for more shareholder activism, particularly if the overall market takes another tumble.