Don't forget that directors still owe shareholders a fiduciary duty to act in their best interests. I'd be interested to see how commercially it is in the best 'interest' to lend money to TER just to 'do something nasty'.
Directors can go down that route but if you ask me a rocky road as a director. You have legal duties in principle.
Interim chairman needs to find an independent. Of course they could try putting a non independent on there but again another hostile, rocky move. I wonder what the provisions are for minor share holders - similar to Aus I remember cases where there were avenues for dispute when majority holders were bulldozing over minor holders, for them to lodge a relevant case. With 30% of retail holders and another top 20 holder or two surely there are avenues to pursue to overthrow board members if it gets down to that , or at least form some other resolution. With TER's debt situation it is still in their best interest to not act hostile. None of us want to be stuck here in a long protracted battle as it just disadvantages both of us.
UNV Price at posting:
25.0¢ Sentiment: Hold Disclosure: Held
