I don't invest in any sub optimal boards fella... get the picture? This is one of the best case studies in modern corporate history of failed Corporate Governance with all the legislation in place.
This Board is rotten to the core. That's what I am calling out. I am following this through for better or worse...
If shareholders don't remove this Board all shareholders are going to lose their money. That's not a fantasy, that's reality.
That's why Vitrinite as a major shareholder are leading the charge for all shareholders, because they like everyone else want to know what is going on. This is not normal behaviour for a listed company with no debt & $$ in cash to act. WHich means something else is at play with this board that is not being disclosed to shareholders.
Like all shareholders Vitrinite have a lot to lose & outside of dividends their payment for the exploration asset was in script. So they have no cash from any deal.
Just for a moment put yourself in their shoes as a major shareholder, you have no material information coming through from the Board for the past 5 months, & now your company is in enforced suspension by the regulators as per the listing rules (not disclosed to shareholders);
What would you do?
They, like you, like me, want to know what is going on inside this company that has now capitulated.
Read the resumes of the Board members put forward in the 249D action, these people are not lightweights, are independent and experienced Board members & based in Aust. The first thing they are going to do is understand where the company is really at right now, and disclose the information to shareholders & put forward an action plan to sort this mess out, get the statutory reporting to the regulators & shareholders & bring it out of suspension. The first order of business is repair relationships with the mine manager RV and the tribal leaders. Without that shareholders have nothing.
As i said to any poster who listens, you can ignore anything i have stated, at the end of the day the decision is yours to make which way you vote, its your money & I of course respect your decision.
Its difficult to explain to the average shareholder the mechanics of corporate governance. Its a system. If its followed and complied with, everything about a company works well, that doesn' t mean a company always makes money, it means you have a Board overseeing & working WITH management to achieve corporate goals for the benefit of all stakeholders. If this breaksdown then you have what you are witnessing right now at X64.
Disclosure of information to shareholders is disgraceful! A top 200 company would not get away with this. The Board would have been voted out in the last action.
This company is one step away from being delisted. That's how serious this is. Then their is nothing stopping Board personalities from purchasing your shares for 1 cent per share. Connect the dots; Get the picture?
Read all the articles in the link below, all of them & the embedded ones, then you'll be enlightened:
(20min delay)