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I can understand management not being in a position to discuss issues that may be subject to negotiations.
However I'm sure shareholders will want to know the true picture of the current financial circumstances(not just results to the 30th June) as it is these circumstances that will influence potential returns on sale of assets.
There could be additional significant costs that have claim before the true net assets are determined.
eg. What is the latest debt to the bank ?
Does that include the extra $2M operating expenses?
How much of the interest on the loans has been capitalised into debt?
Since June 30th, has the 'operating costs' budget been sufficient to cover the remaining central office rental and lease-break, the Oceanique advertising costs, insurances on Oceanique, all salaries and future entitlements for staff, including the manager/caretaker at Oceanique, Oceanique and land mainteance costs, cost of the management and structure review contract, rates on apartments and land , commitments made to purchasers of apartments (9% lease back costs,membership to golf club etc).?
Does the Gidgigannup creditor have security for the $4.9M.?
Are there any environmental bonds due to be paid on the land based development at Point Grey ?
Have any of these costs over run the existing operating fund (increasing the LVR?),and likely to have first claim on proceeds from asset sales.
Have there been asset sales, and, if so, what happened to the proceeds? Were they used to retire debt as required in the Covenent with the Bank?
As the current situation has been made more precipitous because of an alleged breach of covenent, I think shareholders are entitled to be briefed on the details.
The bringing forward of the repayment requirement by one month may have put the Company in a more rushed, weaker, bargaining position and seriously effected the end price for assets. Therefore an explanation is warranted.
Hence I think there is heaps of issues for shareholders to talk about and the Company should permit open discussion, and not prescibe limitations. This is particularly important as there is a possibility it may be the last chance shareholders have to seek answers from the company.