ECL

0.32%

$3.11 excelsior capital ltd

Ann: Application received to wind up the Company, page-7

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friendlydwarves

3,335 Posts.

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28/04/24

14:20

Post #: 73543677
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Originally posted by risk41: ↑

Is the board required (by law) to act in the best interest of shareholders as a whole?
Have not been able to find any information supporting this argument. I hope you are right. Is it related to protections for minority shareholders?

It is the board's responsibility to report investment performance accurately.
Going by your past investment performance posts, they have reported inaccurately.

In 2016 the constitution was changed so ECL became an investment entity. That was still while the company had CMI and only a small percentage of the company's value was invested. Now they want to manage the lot. That is a little bit different.

You have to have big kahunas to be a majority shareholder and go against the hundreds of smaller shareholders to keep control of their money.

I know id just say stuff it and give shareholders the choice to receive their money or allow me to manage it. It's the right thing to do.

It takes a certain personality to not listen to shareholders and give them this option. The share price clearly shows that is what shareholders want.

Do the right thing.

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Yes, that is the directors’ legal duty. See eg https://www.aicd.com.au/content/dam/aicd/pdf/tools-resources/director-tools/board/directors-best-interests-duty-in-practice-web2.pdf

The directors have chosen to retain the CMI sale proceeds, and made various other decisions, that will now be scrutinised by the Federal Court against the backdrop of that duty. Personally I expect that case will be, for spectators like you and me, both entertaining and vindicating. I suggest you sit back and enjoy the ride.

ECL Price at posting: $3.25 Sentiment: Buy Disclosure: Held
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Last $3.11		Change 0.010(0.32%)		Mkt cap ! $90.17M

Open	High	Low	Value	Volume
$3.11	$3.11	$3.11	$3	1

Buyers (Bids)

No.	Vol.	Price($)
2	7043	$3.05

Sellers (Offers)

Price($)	Vol.	No.
$3.10	1	1

View Market Depth

No.	Vol.	Price($)
2	7043	3.050
1	5000	3.040
0	0	0.000
0	0	0.000
0	0	0.000

Price($)	Vol.	No.
3.100	1	1
3.250	3000	1
3.500	5000	1
0.000	0	0
0.000	0	0

Last trade - 10.02am 24/05/2024 (20 minute delay)

ECL (ASX) Chart

Ann: Application received to wind up the Company, page-7

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