Hi Gospel,That’s a straight question. I’ve failed to give you a...

Hi Gospel,

That’s a straight question. I’ve failed to give you a straight answer… but below it is an honest response (with pointers to some supporting materials) that might help u form your own opinion.

If u take a look at the AGM presentation from last December and focus on the corporate personnel. Then ask yourself;
1. Where does the CEO rank in all this?
2. What is the internal reporting structure?
3. Why would the Chair of a listed business want to present this to shareholders?
4. Why are most group board and sub board positions now filled by affiliates of Ahana i.e. not independent
5. How is it that some of these ‘non-executive directors’ are now taking on some executive responsibilities (other than for reasons such as ‘we are saving shareholders money on unnecessary corporate manpower’)?
6. Given the minimal experience of these individuals on ASX listed companies what odds do you give to their personal ability to form an independent view on the strategic and operational matters before them… especially when the ‘in-group’ seems to determine both sides of CKA’s commercial future (ie the production+sales side as well as the specification+purchasing side)?

We all must recognize some other soft issues… the general deference to nominees, plus cultural norms, plus long professional relationships that go back well before CKA, plus now the weight of numbers in decision making roles…all combine to present is a very real risk for the best interests of retail shareholders here.

Sure every small company has quirky issues however to get such a collection of these things in even the smallest company does not happen by accident.

i don’t know the future… but I recognize the shape of a very unhealthy set up. ASX listing rules and Corporate Governance Guidelines might help you in determining whether it’s just me (some random keyboard warrior having a rant) or whether these things are considered a bad idea, even in isolation, let alone in combination!

Am open to any criticisms or corrections that are required. Other/different opinions on the same situation also welcome.

Happy to chat more but that is what I am seeing.

A