An EGM at his stage would be a waste of time. It would be a rerun of the AGM with a lot of smooth talk and unwarranted optimism. The time for an EGM was 3 months ago. There has been too much water under the bridge and irreparable damage has been done to AGS. Changing directorships would achieve little and would probably be an overall negative.
The sad fact is that AGS is now at the mercy of its partner. AGS is engaged in a rear guard action to try and preserve whatever value it can. It is a fight for survival.
The best we can hope for is that AGS can preserve its current position and not lose any more ground.
I do not expect any upside from legal action. The danger is that it could fail and do further damage.
What is done is done. The directors have made a mess of things but there is little point in recrimination. My fervent hope is that we can somehow preserve our 25% and weather the storm until the cash flow starts. Gandel's cash injection lifeline may be motivated by self interest but it is probably AGS's only chance of survival.
I am not going to do anything more -- just sit back and watch the action.
AGS Price at posting:
7.5¢ Sentiment: Hold Disclosure: Held
