Breitburn shares reached $1.25 @ one point in early March, the price was at or above $1.00 for all of 3 days.
Since then it has returned to the $0.50 - $0.65 trading range it occupied prior to the spike.
So unless they get another price spike, as soon as the A$1M in cash is eaten up, they are going to have to sell the shares around the current price, ie @ $1.75M or A$2.25M.
Clearly more revealing facts came to light at the meeting.
ASIC are going to have a lot of work to do. Corporate governance has clearly failed in AZZ's case, no company should be allowed to have only 1 independent non exec director.
If shareholders try to contact non exec directors it needs to be mandatory that there correspondence reaches those director's & its receipt is acknowledged by those directors. Any director or company employee who fails to ensure that happens or tries to stop it from happening needs to be dealt with accordingly (ie if found guilty of this being disbarred from being a director of any listed company for the next 20 years, similar type of rule for company employee)
In light of all these new facts, I'm going to have a chat with the Association of Investment Trusts in the UK regarding Schroeder's & there responsibilities as a major shareholder in the company, given the warnings I gave them years ago as to the running of the company. They have a lot to answer for.
LOTM
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Held
