One of the things the Board has forgot to mention is;- The sale...

One of the things the Board has forgot to mention is;

- The sale of the Finance Business back around 2008/09 where they took too long to close out negotiations and went from a sales of potentially $24m to just over $2m
- Then the disastrous sale of the Auto business. This is why they had capital losses to offset the sale of the electrical business!

Notwithstanding, the majority of shareholders have been asking the board to sell the electrical business for some time. The board has patted itself on the back saying they did an awesome job and if they listened to the shareholders they wouldn't have done so well. This we will never know, but the truth at the end of the day is that crystalising the electrical business was the right way to go (which the board never discussed or agreed to at any stage but now appear to be basking in their own glority)

The next stage is to start to wind up ECL (once we are clear of the Electrical business earnout in August) and that may start now with utilising the existing franking credits before they either become useless (through Government changes in legislation) or cash dries up!

The board knows that this is the right way to go, the issue is that they see us shareholders as the enemy rather than as partners/owners.

I have voted all my holdings Yes to the wind up!