By now most shareholders would have had a change to read the ASX statement of reasons and form a view on the actions of our management team. What is laid out in the SOR is quite damning of the actions taken to generate revenue and receive the performance shares. Actions that shareholders have born the brunt of from a dilution perspective, the suspension from trading that has lasted many months, and ongoing damages to the companies reputation.
The remediation sought by ASX to get the companies shares trading again in my opinion does not go far enough by limiting the escrow of only the performance shares. The board and management have contributed to the situation shareholders find themselves in and should not be allowed to profit any further from their shareholding’s before investigations by ASIC are completed.
I believe it is time for the board and management to show some contrition and agree to have ALL of their shares put into escrow given that many of them have large holdings that could be sold into the market guaranteeing them some form of return.
Given the current state of affairs I believe it is time for shareholders to send a message to management and vote against resolutions put forward that: offer benefits including renumeration or share options to management; are related to board appointments that seek to return any of the current members.
What are others thoughts on the AGM?
ISX Price at posting:
$1.07 Sentiment: None Disclosure: Held
