Hi Trumpy.
I've posted a few notes earlier to say pretty much what you have. Such things as lessons learnt being to research Directors and more importantly to remember the names of those responsible for the debacle we have at WFE. Reading announcements in their entirety may be a problem for many (as they are so dull) but I urge all holders to keep on top of the information flow.
I would not accuse anyone of impropriety on a public forum as that would open me up for a potential expensive explanation, but I can give my opinion and I am firmly of the belief the previous BOD had NO IDEA ABOUT RUNNING A PUBLIC COMPANY. The list of stuff ups is long and prominent. Being in suspension for two years is a disgrace. The continued lodgement of documents after due dates from a "30 year veteran" is contempt of the highest order. Non-lodgement of financial information is enough reason for an uprising and lets not forget those with the votes (shares) to force change "did nothing". Now they're in the big chair and its quite interesting to see so many here laud their taking of the reins and think they'll rescue this festering mess.
How much did these guys make when the trading volume of WFE was 50/100/150 million in a day? Are they free-carried by now? If so, good luck to them but don't tell me they're the white knight of the story.
The previous BOD raise a firm middle-finger to the Directors principles they should be upholding. So either through incompetence and/or intentional misdirection, they will cost every current shareholder their investment. Mine is $2k so I really will be able to get through this. However they way I see it is that I lost 100% of my investment. The market is a factor of margins and percentages, and no, I'm not a pip or day trader. I trade to my plan. Get in at a price and get out based upon a number of outcomes. Make some money, lose some money - by MY hand. I was denied the chance to exit as this was placed in voluntary suspension almost 2 years ago. If everything was above board with the BOD and their actions we would have a very different outcome at this point.
The next set of Financials will be very interesting. If information didn't have to be re-created then surely it would have been released by now? You do realise the last set of Financials was December 2018 - that's 18 months ago.. They were lodged on March 13 this year and only in just enough time to stave off the ASX listing rules. In those Accounts, write-offs of some $1.4M were processed because of BOD stuff-ups. Whatever happened to the efforts to clam some of that back? Almost $1m had to be refunded over the failed CR from July 2018. Another fine example of mis-management or was it the few at the pointy end didn't actually want to part with any real cash?
All of these are so easy to see in hindsight, I get it. JB is at the centre of all of this and that is why he needs to be held accountable. Maybe the reason WFE is so late in reporting is because they're cleaning up his other failures first?
So - as a final answer to the legality of the moment. I believe there is enough mismanagement, enough circumstantial evidence, enough errors, and more than enough intentional misdirection to suggest WFE is rotten to the core. 'People' make that happen, not circumstance. As
@fooca suggests, this will need a large CR to clear the decks but I question why anyone would bother when it would be cheaper to place into Administration and just bid for the shell in the DOCA?
Cheers,
TC.
