You can lead a horse to water but you can't make it drink. And that is the same thing here.
Fact is, that in most circumstances, if not all cases, an MD/CEO of a company has a limit allocated to what he can spend with a Credit Card. All he has to do when he spends money is to supply supporting evidence of his spending to the CFO and the the CFO will have to pay for the accounts, provided they fall within the rules set upon by the Company's Board.
Now, these costs have all been met and paid for by the Company's CFO with his authority and signature on the cheque to cover those costs. And it was all well and good until all this crap and bum fight within the Board Members broke out and they brought it all into the open making wild accusations.
Now, what I have to ask to the Board is as to why these things, (if they were so bad and damaging to the company), weren't brought out into the open when they occurred instead of waiting till now.
IMO the Board, if what they say is correct, they have failed again in their duties to rectify the problem when it happened and failed to notify the shareholders.
And, most importantly, why haven't the Auditors and the CFO picked on this before??
Things are turning nusty mate. Very nusty, and where everything go, and where they will dig up every small thing possible in order to try and save their bacon. IMHO, they sensed defeat and they are in desperation mode.
Look at what they are doing now and then think about it.
All fluff, if you ask me. Bring on the EGM. At least we will all know what and who is going to be there after that. Anything is better than the positions we are in now.
Good luck.
CTP Price at posting:
47.0¢ Sentiment: LT Buy Disclosure: Held
