Ann: Key Appointments - Chairman and Managing Director, page-77

You might want to check your math and also the raw numbers that went into it.

Twiggy's investment vehicles currently hold 473m shares in POS (Squadron: 452m + Minderoo: 21m), which equates to 17.9%.

Based on the current 3.9c SP, his holding is currently worth ~18.5m, not $1.6m.

You might be interested to know that the overall VWAP of his holdings is 6.8c, derived from previous from historical disclosures and presented here, His total actual expended investment in POS currently sits at ~$32m.

Historically, the POS Board comprised 4 members. Since October 2018 our two cornerstone holders (Twiggy (17.9%) and EM/BMM (19.8%)) have each has a seat, meaning that ~38% of voting power comprised 50% of the Boardroom. That concentration of power got worse between Sep and Nov (inclusive) last year and rose to a combined 66% of Boardroom voting after our previous permanent CEO (also a Board member) retired on 30 August. The situation stabilised (back down to 50%) from Dec onwards when our new (permanent) Chairman started and the number of Directors increased back up to 4. It will further improve when our PH, our new CEO and MD starts in early-March. This will take the new permanent Boardroom composition to 5 members, meaning our two cornerstone investors will then have a combined voting power of 40% at Boardroom level, being much more closely aligned to their combined 38% shareholding.

Why the history overview on Boardroom composition? Because, imo, it pays to understand where the strategic decision-making power lies.

I'm looking forward to PH's start in early March. I sure hope he is not hobbled by Twiggy and EM/BMM, but at least they'll only* represent 40% of Boardroom voting from March onward. (*40% is still a big number, but it's not 50% or 66%).

On another note: disappointing to see the ongoing radio silence. With the deterioration of the NP, it was no surprise to that the FID has presumably been pushed out, but what's stopping them from releasing the updated FS. Surely it's ready by now...


PS: Forget Red's offer to purchase your hypothetical 400k holdings for $1.6k. I'll give you $2k for them... cash... tonight! (lol)