The company is now capitalised at about A$4billion. They have governance problems, and those problems are not, it seems, solely related to accounting and ASIC reporting. Of course the company's principals knew out the ASIC reporting requirements but decided to flout them. For a number of years, several shareholders have been writing on social media outlets, to ASIC, and also to the company, insisting that they report financials . The accounting problems are just the tip of the iceberg. If you attended the GM in December you would have seen the Melbourne board member along with the temporary CFO/ company secretary. I leave it to others to judge how they performed. They were beamed-in from someone's bedroom! For my part, the signals coming out of that meeting were damning. Yat answered the operational questions very competently but looked uncomfortable when questions were raised about the financials.
There was one key question from a shareholder that was deflected and obfuscated and it went like this: "How can you justify making decisions and asking shareholders to vote on resolutions relating to major financial matters WITHOUT giving shareholders a full set of accounts including a standard balance sheet BEFORE the meeting?". By the way, not even the small local charitable trust that I chair would do that!
I held on to my stock after they promised full accounts by the end April but could not resist selling in March near the top of the market when the macro-risk environment told me that risk had to come off the table. And AB1 was high risk . It is now ultra-high risk.
My large holding was snapped-up by a major AU Fund Manager. Good on them and good luck to them!
AB1 Price at posting:
18.0¢ Sentiment: Sell Disclosure: Not Held
