SJB, the Elizabeth Knight article states what we have all been saying all along.
JE ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~` ELIZABETH KNIGHT July 30, 2009
"One of the great corporate circus acts of all times is Rowsthorn’s ability to retain his job, given the severity of his mistakes.
The fact that the company had to increase its issued shares fourfold to claw its way back from near death is testament to the degree of mismanagement.
The company’s chairman, Tim Poole, is almost as culpable. And this makes both their positions tenuous – which makes getting control of the company easier.
All this makes it easier for some other party to exert some control without actually having to make a bid. It presents itself as an opportunity probably too good to pass up. Taking even 10 to 15 per cent would be a cheap and clever way to secure a big say in the governance of this group.
Apart from Rowsthorn and Poole, there are only two other directors, so the board defences are weak indeed."
AIO Price at posting:
$1.59 Sentiment: Buy Disclosure: Held
