agent. This is a pleasing development. If UK law applied to the...

agent.

This is a pleasing development.

If UK law applied to the company (which it doesn't, of course), the Companies Act 2006, there is a person who would be regarded as a 'shadow director' and who would be held accountable under the Act as an officer of the company. That is fact. There is possibly a weakness in the Corporations Act 2001 as there appears to be no express reference to 'shadow directors'. There is little point in shareholders have the right to vote for or against the reappointment of Companies Act directors if they cannot also exercise their votes to exclude a shadow director.

It is time that all of the major listing authorities took shareholder protection seriously. A gap or deficiency in the company legislation could be filled by listing regulation.

There is renewed hope for SBR. There appear to be valuable metal deposits on the tenements and we shall have to wait and see whether the two new directors, real directors, can turn the fortunes of the company around.