If it is true that a French investor has taken a position in the stock on the back of margin call selling by Directors then each Director involved should resign immediately. We won't know what selling pushed the share price down to $9 for a few days, but if the responsible parties are Directors facing margin calls then they should go. Corporate Governance guidelines state that the Board should add value - if margin calls allowed in a potentially hostile investor then the Boardmembers responsible have abrogated that guideline. They have also made a mockery of ASX guideline 7 to "recognise and manage risk" by taking on too much personal risk to the ultimate detriment of the Company and other shareholders. As stated earlier, we won't know what pushed the SP down to such a level, but if Director's who are unable to manage their personal finances and risk levels appropriately are responsible then they should be out the door.
BEN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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