renovating bwn

Wonder why Bill Hayes resigned ? Announcement was brief - no reason given nor a thank you to him for service to the coy.

Was he meant to be the scapegoat for Board incompetences ? Guess we will never know. Maybe he is aiming to distance himself from the current Board with whose decisions he might not be happy?

But it also could be an adroit move on his part - he won't be facing removal at the EGM and there is no reason why he could not stand as a candidate for election to a new Board.

Actually I would like to see Frank Farrell on a new BWN Board. It seems to me that he has done more than anyone to look after the interests of we ordinary shareholders.

With Bill Hayes' departure, the BWN Board is looking even more lopsided - 5 out of 7 directors are Bhushan nominees, yet Bhushan holds less than 23% of the company. This is really grotesque, not just for the Bhushan over-representation but for the overall size of the Board in relation BWN's market capitalisation currently around $8M. For a company this size a Board of 4 would be plenty, and with representation proportional to its holding, Bhushan would be entitled to no more than 1 seat.

There have been assertions recently on this thread that Savni is a cover for Bhushan and that both have been buying on market recently. If in fact they have been then, as substantial shareholders they should be notifying ASX each time they change their holding.

I would like to see the Board try to find out, with help from ASX, who is the ultimate beneficial holder of the Savni parcel.

Is anyone in a situation to go and check the shareholder register in the company office and update us on recent dealings by major shareholders ?

Perhaps a resolution could be added to the EGM agenda requiring the company to publish each month over the next 12 months the top 20 shareholdings in the company