I will tell you why it is so relevant, for a non-Genius shareholder:
The board has spent considerable time on ASX announcements that cast aspersions on the former board, and in particular on 1 former individual. That may be correct, and the crux of it has been to blame the former board for all the failed childcare centres that are now to be sold, or earmarked to be sold. As an outside shareholder i want PROOF that the former board is solely responsible for the "dud" centres, and not in fact partly due to Genius vending in "dud" centres.
Secondly as a non-Genius related shareholder I want a board that doesn't have any linkage to Genius. Under the current arrangement the Genius-related board can vend in any centre it decides, at a valuation that it can decide, and MFD spend as much cash on those acquisitions that it can get away with, such that it actually never has enough cash to pay dividends. IT HAS DONE IT ONCE ALREADY!
Genius being the biggest shareholder can ultimately end up owning all of MFD by vending in "dud" centres, as the share price continues to fall. It is an unacceptable conflict of interest for an ASX listed company to be caught in.
If you are truly not linked to Genius you would already be aware of that. Are you related to Genius @Djingo. (And of course you, as an anonymous HC poster can say anything!).
MFD Price at posting:
76.5¢ Sentiment: None Disclosure: Held
