This company has a total lack of corporate governance. Absence of a respectable independent chairman who can hold management to task, ensure appropriate appointees, and run the board.
To also have her son and a former employee, and former (and now current) director (Sun), also on the board gives no ability for the board to operate effectively and independently. It is a travesty that the ASX will let companies get away with this with the CEO/MD also being Executive Chairman and stacking the board.
I expect the objective of Proska is to get control of the board so that these wrongs are righted and proper entrepreneurial people appointed who have independence and the necessary breadth of skills.
The last time this happened was 2 years ago with the vote 75/25 against. Since then, what has changed is that the board has become even more nepotistic. I would vote for it again this time purely to correct the lack of corporate governance - notwithstanding the total lack of entrepreneurial ability/dynamics with this board.
PNN Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
