For sure, maybe TenStar, Hamann and all other shareholders (excluding the weak Board and Management) are removed sooner than later, or such undertakings are on hold till after the TenStar deal becomes binding. We shall see.
Some good candidtaes are out there to replace this weak and ineffective Board and Management, certainly it will take time to find them and lock them in, however I'd would not be surprised if this process is well underway with the connections some of the larger shareholders would enjoy.
TenStar is not going to throw good money after bad with regard to Granville, even if it is loan. Obviously they are confident of putting in an appropriately qualified Board and Management for their potential spin off or spin out of Granville. (maybe that Board and Management is being prepared with a view to assuming said portions in ANW in the future).
Yes,we should not be in the situation, we should not be subject to further dilution, however better that, then dead on the vine IMO. At least there is a chance to claw back monies lost over time.
Should a change of control across the Board play out, I hope someone has a very close look at the Directors/Management/Board meeting documentation, a closer look at the Directors and Management contracts re non-performance and lastly, a deep dive into whether there has been one or more instances of;
1. Failure to disclose to the market any price sensitive information in a timely manner; or
2. Providing false or misleading information to the market.
Yes I know that is a long and crappy road to travel, however best to do it after the incumbent weak Board and Management are removed, that I hope plays out in due course. It would be interesting to review the Company Constitution to see what shareholding entitles you to a Board position.
DGR probably set the percentage up pretty high when adopting the Constitution for ANW many years ago, they were probably thinking a high percentage would keep them in effective control, that higher percentage (if it exists) may come back and bite them on the ass now and they lose Board representation should the majority of shareholders have a replacement Board and Management lined up and call an EGM for said changes. Disappointingly and EGM called to remove a Director or Chairman usually requires 60 days notice unlike other resolutions, anyway, this will all be in the Constitution.
The last thing Shareholders would want to see is the same level of Board and Management incompetence applied to Taronga, I doubt TenStar and Hamann would want to see that either, or risk that happening. Let's hope some of these shareholders with deep pockets and hopefully some good connections have a step wise process and plan in place to make us almost whole again.
Granted such groups will likely take commercial advantage of the terrible position ANW is in presently, however I can live with that, particularly compared to the alternatives and leaving a major potential asset like Taronga in the hands of a failed Board and Management or worse, losing this asset in a two bit TO.
The Board and Management should be ashamed of themselves, it is demoralising to think that Stellar (SRZ) is worth twice as much as ANW, what a disgrace, the sooner these guys are gone the better, someone please take the cheque book off them, (and also their lucrative
non-performance packages ASAP !!)
Cheers
M
(20min delay)