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Take over at 0.001 cent will seem like a good deal soon

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RestlessHobo

9,001 Posts.

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28/03/22

11:18

Post #: 60463268
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Originally posted by Tentative ↑

The Board and Management have certain fiduciary obligations, and their principal responsibility is to create enduring shareholder value.

Under the stewardship of the Board and Management the share price has been in freefall since Nov 2015 - from a peak of $3.316 in Nov 2015 to a current value of $0.028. There appears to be a substantial imbalance between costs and revenues, a significant disconnect between performance and remuneration, and the current Board and Management have failed to demonstrate the capacity, capability and willingness to remedy these matters.

Shareholders have certain rights when directors act in a manner contrary to the interests of members.

1. Members with at least 5% of the votes may give the company a written direction to prepare a financial report and directors’ report and send them to all members;

2. Members with at least 5% of the votes, or the support of 100 members who are entitled to vote, may give the company notice of a resolution they propose to move at a general meeting;

3. A member can ask the company to distribute a statement to all members. That statement must be about a matter that can be considered at a general meeting; and

4. Directors of the company must call and hold a general meeting if requested by members with at least 5% of the votes that may be cast at the meeting. The request must be in writing, signed by the members making the request and state any proposed resolutions.

The directors must call the meeting within 21 days after the request is given to the company, and the company must hold the meeting no later than two months after the request is given.

It is perhaps time that members exercise their rights under the Corporations Act to address this issue - either individually (major shareholders) or collectively (via a class action).

My opinions only. DYOR.

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Take over at 0.001 cent will seem like a good deal soon

HHI Price at posting: 2.3¢ Sentiment: None Disclosure: Held
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Take over at 0.001 cent will seem like a good deal soon

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