From what I hear the new directors are comming on are mainly just to take it out of the hands of sps...oops sorry Damian and Bill O for now. Then Check the accounts and contracts on behalf of shareholders. Then get ready to step aside when the new board comes on. From what I also hear I think the bigger guys behind them dont want to be seen fronting up in this unsure and lets face it - rather tacky 249D bun fight.
I am also told the new board are potentially ready to step aside whan a new deal comes, without as you say Bratty - This sordid "fight to the Death secenario" which we will inevitably have if Bill O, BB with Damian behind, them stay on.
Also SPS I have also been told new directors plan to take the same fees as current directors, so AUD 4,000 a month and buy shares on market, or AUD 2,000 a month and some performance shares. But this is second hand info word of mouth and not sure and please so dont quote me on that.
Look I also know a few shareholders have tried to discuss with the directors about doing a potential hand-over more gradually and reasonably and from what they told me they were told rather arrogantly to eff off. I also tried myself to speak to Damian(DB) on the matter a month or so ago and he SMS"ed that he wouldnt speak to me unless I apologised for writing not good stuff about him on HC anymore! I didnt, so we dont talk anymore. All rather silly and childish in my mind.
But thats what the shareholders seem to be up against with the current mob. ( I would exclude BB to me he has always been reasonable) but on the one occasion we did agreed something significant with BB, DB came in and steamrollered him and cancelled the agreement.
look the current directors are long too and of course also want the sharehprice up too, but I personally cant see they are currently capable of it nor do I feel they have any significant market following for the moment and the track record of their other stocks speak for themselves.
TMR for example has had some very juicy deals put in it by BB and Damian and Alex, but unfortunately it also sits at 6 mill cap with 3.5 mill in the bank. I believe with other management this would probably be doube the cap in anticipation and support. The other issue is they issued themselves and cronies with almost 40% (off top of my head) of the stock free for low hurdle performance or very cheapo early shares. this has annouyed alot of potential backers too.
Thats why I personally think they have to go if possible. To make way for new people comming in without having to "fight to the death" as Bratty states, with the current mob. If current mob are out and the new guys in. I belive It should be much easier to bring quality management in and hopefuly a quakliy deal. It will also be easier to get the market back inot the stock. So if shareholders agree this is the time to try.
Anyway. we at alst got the Yacht papers cleared now, so i leave tonight for Tahiti.Ill be sailing back to phuket for next 3 months. So i will be well out of it I wish shareholders well. Ang good on Stoaty and rob for giving us this opportunity to have our say.
Look I cant say who will win, management have many tricks u their sleeve. If 249D is unsuccessful whats the downside? I know the current directors still want to try their best to push the stock up, just like the rest of us want -. so they can then get on with what they are planning again -so theres no downside there.
But If the new guys get on then its fresh blood and a new story that I personally think this company needs and I hope I it will be more positive for shareholders.
Inshallah! GLTA
CLA Price at posting:
1.4¢ Sentiment: Hold Disclosure: Held
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