I'd agree with you that you wouldn't expect NEDs necessarily are across every intimate detail.
However, the Board suggested in ASX Aware responses that they were reviewing operational reports on a fortnightly basis. And the problem as far as I can tell cannot be satisfactorily attributed to one report in any case: it's about the precarious financial position in the lead up to the demerger. And avoiding companies and their subsidiaries trading insolvent is a key role of all on the Board.
I'm not on the same page with regard to what's happened since the suspension, and believe (in my view being somewhat generous here) it has given all appearances of rudderless in a storm.
As but one of many examples: how does the "walk away" story explain the auditors not being provided with satisfactory financial statements for the period the subsidiary was still under its control?
FFX Price at posting:
20.0¢ Sentiment: None Disclosure: Held
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