I don't hold - this just caught my legal - without knowing more, seems to be a clear breach of a few different rules under Australian corporations law - namely: breach of director's duties to act in good faith and in the best interests of the company; and most importantly, protection of members rights in not abusing majority voting power to commit oppression against the minority. There's a raft of others - making information available to members being one of them.
Why did they decide not to pay the ASX listing fee, and hence get booted from public trading? Was it a case of not having sufficient funds to do it? Do you think that the delisting greatly contributed to the reduction in SP? The listing fees are not huge - not sure what MC was here prior to going south, but, it's based on number of securities and price - at 50m shares @ 0.15 (MC $75m), annual ASX fee is approx $20k - not talking sheep stations here.
This kind of corporate misfeasance infuriates me - I'm sure someone on the register there is a lawyer and has already started thinking about what can be done.... I see they are still a public Ltd co also.
GL
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Not Held
