Some boards rue the day they made GTT Ventures their...

Some boards rue the day they made GTT Ventures their fundraiserMyriam RobinColumnistSep 26, 2018 — 11.30pmWe know they do things differently out west, but even our Perth informants reckon this is unusual.In February, boutique corporate advisory GTT Ventures led the float of tiny exploration company Accelerate Resources. Fast forward seven months, and GTT – which got a stack of cheap IPO shares and is still on a $10,000 a month retainer for corporate advisory services – is trying to oust a member of Accelerate's board!The current board isn't having a bar of it, recommending a vote against their own advisor, which they reckon wants to change the strategy and "gain access to the company's cash asset". GTT's Charles Thomas says the firm is just trying to protect its investment through a seat on the board (Accelerate's share price has been falling since March). But it's not even the only time GTT has pulled a stunt like this. It successfully outed the board of Baraka Energy & Resources in August, after having raised money for the company only in April. It's a risky strategy for anyone providing professional services. Least of all those servicing the small-cap end, where fundraisers and advisers are often paid in stock. But Thomas says the firm had mandates from many other listed companies who are "very happy" with GTT.All three of GTT's founders are former Bell Potter operatives, and one of them, Rocco Tassone, is a director of the MMA Fight Store (mixed martial arts, for the uninitiated). Tassone is also well known in Perth for having been dragged into the 2013 insider trading trial of one-time colleague Rob Catena. During one memorable courtroom exchange, where he was appearing as a witness, he said stockbrokers instigated market rumours and passed them on to clients. "It is our job to convince people to buy and sell," he said. Well, that's always worth keeping in mind ...