ARL has a poor track record of disclosure, so the failure to disclose this sale should not come as a surprise. Those of us at the ARL 2013 annual meeting were shocked when no-one on the board "knew" how many millions of dollars had actually been paid to the consultants, and even the consultants claimed not to know how much they'd received!
If you wonder why the ARL board feels able to treat its shareholders so poorly, the answer is that the PIF Action Group has been a great supporter of ARL's board and strategy.
ARL could, and should be run a lot better and a lot cheaper, but as long as the ARL board knows they have the support of the PIF Action Group, then there will be no change.
Get used to it guys!
OCV
octaviar limited
