Rhazzle,
I am in at 16m
We have another large portfolio that is with the Grand Children which were brought a long time ago by my wife and myself
Whilst I brought them, each folder was assigned to them via my broker & solicitor - I can talk for them but would prefer for them to talk for themselves.
What I can not believe is that I brought more yesterday on behalf of my Wife,s and myself - what was I thinking. My wife asked me if I was ill or had a memory lapse considering what I was saying only a week ago.
I realise that I hold no fear for pain but Laneway and SB I must be very sick or maybe had even a memory blank or relapse yesterday.
I read the words within the Most recent ANN and thought OMG don't tell me they are finally moving - well maybe and then again they maybe not - only words on a page again
SB/Co need to review Their Corporate Duties as Directors.
In fact they need to have a really good long look at the Fiduciary Duties under which they Govern Laneway.
A Fiduciary Duty is a Legal Term that describes the relationship and obligations between Two Parties "Namely in this case Laneway BODs and its Shareholders"Being a Fiduciary requires one to act solely in the best interest of the Other "Shareholders" and not themselves first
The Fiduciary must knowingly accept that trust and confidence to exercise his or her expertise and discretion to act on his client behalf "Us Shareholders".
A Fiduciary is a person or organisation that acts on behalf of another person or persons "Shareholders", putting their clients interest ahead of their own with a duty to preserve good faith and trust.
Being a Fiduciary thus requires being bound both legally and Ethically to Act in the others "Shareholders" Best Interest at all times.
This role requires a Legal Duty of Loyality, Duty of Care and a Duty of Obedience as mandated by State and Common Law- it requires Utmost Honesty, Trust and Loyality where one is legally obligated to act in a Trustworthy and Honest Manner on Behalf of those he or she Represents.
The Fiduciary Duties are by far the highest Set Of Standards of Care that a Director must operate under to ensure the best interest of his client or "Shareholders" even if those decisions are contrary to yours or their own interest.
OBODs must at all times be above reapproach and act in the best interest of their Shareholders First and not off their own interest first
They must be seen to run a professional Operations which at all times must be completely above reapproach
Rob will fully understand what I am saying and I am sure he will take that ammunition with him and anyone else that gets involved re The AGM
I look forward to changes in The BODs approach to how they run this business in the future.
They must change and can in the full interest of its Shareholders and not just in themselves first.
I have run Three Companies in the past and know this Act well and what it means.
They must tread very carefully as it is a fine line.
In any event yesterday's ANN was positive but let's see what these group of words really mean- hopefully not more broken promises or just orchestrated commitments.
They need to fully commit to Laneway now and in the future with No Other Ulterior Motives.
Enough said on this subject and advice that we need and expect wholesale changes within the Operational Chain of Laneway where they Act with Complete Intergrity in the Future.
Good luck Lanewayers
Have a good weekend.
Regards
Red Adair
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