The interview of GC with WA Business News is the closest we have...

The interview of GC with WA Business News is the closest we have had to full information about the TO. Two clear points emerge.

1. Not once in the interview does GC mention the shareholders, particularly the long-term shareholders, who supported this company through the good and the bad. Boards are supposed to generate returns to shareholders. Instead, the focus of this board seems to have been in other directions.

2. The reference to Hanlong becoming a subsidiary to Hanlong says it all. The Board was taken over by Hanlong a long time ago. And now we know.

The best we can hope for as shareholders is a hostile takeover.

This is just a classic agency problem where the board did not represent the interests of those who they were supposed to represent.