I'm in 2 minds. On the face of it is not a real good look, but...

I'm in 2 minds. On the face of it is not a real good look, but you generally don't shake a board from the board. I suppose a change in sub holder from Bombora will let us know which way the wind is blowing.


Bombora has never submitted a Sub Holder Notice with VOR.

The latest AR (as at 17/7/20) had National Nominees Limited with a 5.28% holding, but it only listed GF & QF as substantial holders.

The latest Investor Presentation (10/8/20) on p3 has Bombora listed as holding 5.2%

https://www.asx.com.au/asxpdf/20200810/pdf/44lblhk30m83r2.pdf

It's been assumed and in some cases stated that Bombora was a Sub Holder, but never properly substantiated.

It always seemed odd in last year's CR that Regal put in $1.2m & Bombora put in $800k yet Bombora got the NED role.

It's possible Bombora & VOR may nominate another Bombora nominee. However, based on what's been said to date, that would seem unlikely.as Greg's departure could have been handled differently.

It's times like these where I think a good company secretary can make a difference to timely and factual reporting.

Whether it's chasing up Bombora for the relevant notices (Sub Holder & 3Z notices) or reminding Jeff that maybe Bombora didn't hold 5.2% before he puts it in an Investor Presentation and releases it to the ASX.

There have been a number of other administrative oversights in the past year.

https://www.asx.com.au/asxpdf/20191120/pdf/44bs61z26zfk4r.pdf

https://www.asx.com.au/asxpdf/20191220/pdf/44csdgw1vpcdg9.pdf

https://www.asx.com.au/asxpdf/20191220/pdf/44csdgw1vpcdg9.pdf (proxy form hiccup)

None of them in isolation amount to a hanging offence, but as a collective they should be doing better than this.

I think it's poor that shareholders had conflicting information prior to Greg's departure.

I've always assumed that Bombora was never a Sub Holder and as such could operate under the radar.

Best case they still hold approx 5%. Worse case they hold much less than 5% and the late August rally makes some sense.