Ann: OFF-MARKET TAKEOVER BID FOR XCD ENERGY LIMITED, page-169

There appears to be some concern regarding the perceived conflict of interest with the forthcoming merger. You know I find that really fascinating because on pg. 2 of the company announcement dated 27/04 they addressed that very same issue. They also addressed that issue in yesterdays announcement on pg.4. They went to great lengths to assure shareholders by citing a load of Corporate Law mumbo jumbo that the perceived COI was in fact insignificant and therefore within the bounds of normal commercial practice in allowing the merger to proceed.
The issue centres around Evans and Wall. Evans has 4M XCD shares and Wall 28M or roughly 4% of the company. Now anybody can make assertions but it strikes me that if you wish to exponentially escalate matters and go running off and lodging an official complaint to ASIC,the Takeover Panel or the Boy Scouts Club of Australia (for all I know) you need PROOF - hard evidence.
To be frank besides having a hidden mic planted in the 88E boardroom a few weeks ago - "Hey guys lets launch a $9,000,000 merger with another listed company on the ASX because a couple of us lost a few bucks punting that company" - I would strongly suggest you are banging your head up against a brick wall (geddit???)
There is no proof and no hard evidence just wild speculation as to what happened in the 88E boardroom. Just like the IMAGINARY conversation above it is fanciful to think by simply presenting the facts that are already in the public domain the authorities will suddenly jump up and take action without evidence.
But then again maybe in a state of confusion the boy scouts might give their stamp of approval.