While I agree with the gist of your post, I am not as prepared as you to absolve the Board and CEO of responsibilities to shareholders. Quite frankly, if shareholders are viewed as a "necessary evil" and treated accordingly then you will fail to get their support: for share price; for future capital raises; for key AGM/EGM votes; and as advocates of the company.
It seems naive and shortsighted to make this an "either" type of choice. I expect management of an publicly listed company to focus on growing the business AND on keeping shareholders in the loop (obviously without damaging their commercial prospects). There are countless examples of CEO's that are successfully doing this.
IMO the Board and the CEO better change their attitude to shareholders and view them as "investors by choice".
A company with such a great 'product' and with such obvious potential is being let down, IMO, by this apparent attitude.
QHL Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
(20min delay)