Ann: Notice of Extraordinary General Meeting/Proxy Form, page-14

How are you blaming the directors for the share price?

The market decides the price, based on sentiment, greed, fear and other irrational factors. In a sensible market, the market cap of a company is its tangible assets plus 5x annual profit - maybe a little more than 5x if wanting to price in higher growth expectations and the chance of some dividends in the future.

The market was not being sensible when it drove the share price up to $14 per share, and the directors had no control over what your average cashed up punter thought the share price was worth at the time.

At the time the sharemarket was a glitzy casino and COVID government stimulus was still burning holes in peoples pockets. Nads, Sportsbet and Ladbroke did a roaring trade, also.

The directors and everyone else in the company should be focusing on running the business, and not worrying about the share price - of which they have literally no control over.