I know my posts have been many of late, but the financials have...

I know my posts have been many of late, but the financials have had me digging some more.

If you go to the Board Charter at http://www.nusep.com/user_files/1321418863_NuSep%20Board%20Charter%20March%2011.pdf you'll find some 'interesting' reading.

"1.2.1. The Board should have a majority of independent directors."

"1.2.3. Each director is encouraged to be a shareholder in the Company but not a substantial shareholder as defined by the Corporations Law."

"1.2.4. Each director may be involved with other companies or professional firms which from time to time may have dealings with NuSep. These financial relationships must represent less than 5% of either organisations turnover."

"4.5.1 The directors may elect one of their number as Chairman (clause 76). The policy of the Board is that the Chairman should be an independent non-executive director."

More questions:

1) Subject to 1.2.3, should Mr Goodall be a director at all?

2) Subject to 1.2.3, should Mr Goh be a director at PRIME?

3) Is John Manusu an executive of any subsidiary? If so, and that subsidiary (such as PRIME, where he is Managing Director) is considered a firm which has a relationship with NuSep, then following from 1.2.4, should John not be eligible to be an INDEPENDENT director of NuSep? If the subsidiary is part of NuSep, is he then still considered an executive and not independent as per 4.5.1?. Has John been flying in the face of policy for the years before when he was an executive and chairman? Was the recent 'restructuring' contrived to make him appear as independent?

Now were there professional institutional investors, which I am not, considering NuSep, can you understand why they would run like the wind?