2010 board targets = you decide

The company was at a similar point last year.
There were promises of change, a new plan and a new CEO.

Review this for yourself and see what conclusion you come up. (My comments are below each target)

"2010 Board Targets"
(half year presentation, 2010 , pge3)

1) Appointment of new CEO - FAIL
Appointment made then moved on a short time later.

2) Renegotiate bank facilities - FAIL
We are raising cash to keep the (bankers), wolves from the door.

3) Restore shareholder value - FAIL
Shareholder value eroded massively.
Shareholders have a company and mgt team with limited credibility and hole in their pocket to remind them.

4) Return the company to profitability. - FAIL
Expected NPAT loss of ~$35,000,000

5) Maintain a positive operating cash flow - FAIL
At this point their head was above water, now it's worse and burning cash.

6) Implement a new corporate strategic plan - FAIL
Same story, new plan will result in wonders, it didn't.
The company is burning cash and on the verge of falling of a cliff, face first.

The board has failed their own targets and the current chairman, Perrott for one, has been on the board for the last couple of years!
When is enough, enough for some shareholders.
When is it time to walk as a board member?

Pge 5 of the annual report.
"We enter 2010-11 in much better shape than last year.
We have a better team in place and they are better focused and organised."

A new team, a new plan with an old story.
Mav