The rules about proper arms length dealing between public companies and interests associated with directors of those companies are not particularly strong or well enforced in Australia. I well remember C.U.B. selling the Victoria Brewery Site in East Melbourne to interests associated with John Elliot for $3M. John was CEO at the time. That site sold not long after for $30M. If there are potential conflicts of interest these should be declared and the matter resolved at a shareholders meeting.
Of course this observation may have no relevance at all to ACL and VAST Bioscience Pty Ltd, which registered on 23 June 2015.
Ann: Alchemia Assignment of VAST Technology, page-5
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