Ann: AnteoTech raises $8.0m in strongly supported SPP, page-223

I understand what you're saying and where you're coming from. I have taken those factors into consideration in the past, and here's the conclusion that I ended up at.

In terms of longevity of their tenure - This works in a circle IMO, if board members hold a tonne of shares, you'd think they will do whatever it takes to do well with the company, kick goals and therefore, SP appreciates (their wealth appreciates too) and shareholders are happy. And when shareholders are happy, they have no reasons to kick them off the board, just like how 99% of us have absolutely no reason to kick DT or CP or others off the board. Therefore, the short equation is, if they perform, they won't have to worry about their tenure, therefore won't need to bring outsiders in to protect their jobs.

As for the takeover stuff, I'm not sure how often the scenario you described would happen, and yes, this COULD happen with ADO, but there's also a chance that it wouldn't. Based on the boards performance from the past, I believe their integrity is intact. GC could have got out completely in the past, walked away with millions and call it a day and move on to another company. But you could see his and his colleague's enthuasism towards the science, the company and the product. GC himself has had a lot of his own money tied up in this for YEARS, so for him to remain when he doesn't have to, shows character, JH is in a similar position too, except he hasn't been around for as long. Whilst I'd imagine the board has carefully put together people that has similar mindsets, which is why Harley Frankfurt and other previous board members didn't last.

At the end of the day, all of those concerns can be applied to ANY board members at any company, so then how do you trust people? I just think their actions has shown us more positives than the 'perceived' negatives some people has.