The reason Peter Mac stood down was because there was bullying in the boardroom.
A punch from Kah, then one back, then another punch from Kah and one back, remember? it was obvious, if you tell X director to go, we will tell Y director to go, till eventually they hit Peter fair and square in the nose.
Peter retaliated in a way that helped his loyal shareholders and lets face it, some of his best friends are massive holders, IE, Steve Siko. 7 million shares.
In order to look after his shareholders and not have a massive court case on his hands to damage the company and hence shareholder wealth, Peter stood down but gave himself enough time to complete the business neccessary to protect shareholder wealth by having a cap raising that didnt over feed the pigs at the trough.
I am led to believe that a number of persons regret this action, but everyone new that with Kah holding 40% equity and Hohnen making the original call meant it was facing a losing battle. Peter stood down in a gentlemanly way.
In standing down as he did, he didnt force Dattals to make any decisions and continue with the mess in the boardroom.
This entire situation was a power play high school style.
By the way, this was all created from RIO refusing to sign a stay if the two companies merged. Hence Kah felt ripped off. (my theory)
Its over, lets move on.
Harlee
EXT Price at posting:
$7.63 Sentiment: LT Buy Disclosure: Held
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