More to it than that I would think.There's about 100m shares on...

More to it than that I would think.

There's about 100m shares on issue and the company doesn't have any work. The previous management sold off the contact lens business and closed down the reverse charges calls. So it's just a shell. The new directors haven't made any statement about what they have in mind and the company remains suspended because it has no work.

The vote against the Rem Report makes no sense since it's a vote against the previous directors and the redundancy payments to previous management but the new directors have been delivered their 1st strike.

For a shell to have 40% vote is unusual in itself but to have a 48% vote against all resolutions is incredible.

In August the previous directors stood down with Mr Shao Jing Wang becoming chairman and Mr Jian Dong Hu and Mr Charles Wantrup appointed. Mr Wang and Mr Wantrup are directors of one REF’s largest shareholders Q Services Holdings Limited and Twenty Cents Holdings Pty Limited who combined own 19.9% of REF’s shareholding.

Assuming whoever voted against knew what they were doing then the spotlight would be on One Managed Invt Fund who happen to hold, wait for it, 19.9m shares according to the annual report!

My continued association with REF is worth more than double my investment just for the entertainment value.