Sandon Capital, an ASX listed activist fundrun by **riel...

Sandon Capital, an ASX listed activist fundrun by **riel Radsmynski has a big enough shareholding to make adifference. Here's part of their mandated mission statement on theirhome page (www.sandoncapital.com.au):

We buy shares in undervalued and underperforming companies in which we seepotential for change. We then seek to actively engage with their boards onoperational and strategic initiatives that we believe will generate value, andultimately, deliver higher returns to shareholders. If we experienceinertia, we collaborate with other shareholders to influence those boards totake action.

Sandon Capital, often featured in the AFR, has not proposed anyinitiatives for IGN shareholders to consider in over 10 years of being on theIGN register.

Sandon Capital has continually voted FOR theexisting Board leadership in place for over 10 years & AGAINST asignificant and activist shareholder or any other alternativedirectors joining the IGN Board - they actually seem to enableinertia, not fight it.

We (suffering IGNshareholders) have not seen any evidence of any action taken by Sandon to stemthe losses at IGN. 10 years of straight shareholder losses - $33m intotal on over $1.2 billion in revenue. Not one single year of profitfor IGN shareholders in 10 . Another $1.525m loss in 2023 under CEO TimMoran. Sandon continues to remain silent.

The question is; why?

Is it because Gold Tiger Equity, another longterm supporter of the current IGN board & apparent stonewaller of any realchange is your 5^th largest shareholder?

Seriously, why ?

Everyonecan see the significant intrinsic value in IGN. A Board andCEO focussed on shareholders and profitability is what's required; plainand simple (not just breakeven whilst the failed board of directors andemployees who have no significant shareholding in IGN all collect theirsalaries). The increase in realised value in IGN would be a significantcontributor to the Sandon Capital NTA. The current board leadership hasfailed financially over 10 years and yet we see no action from Gold TigerEquity and Sandon Capital. Why is this the case?

Sandondoes not appear to support ANY change.

Sandonhas at least delivered on one part of their marketing promises - tobuy shares in underperforming companies. They have done this spectacularly wellwith IGN!

C'mon Sandon - live up to your job as an activist fund and yourmarketing promise and get active or support other shareholders who arelooking to make constructive change. If it's too hard for you then just sellyour shares and be done with it and stop blocking real change.

Bycontinuing your inactivity and your continued support of the IGN boardstructure you are I believe simply short changing yourown investors and IGN shareholders.