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Governance action - support requested, page-21

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Fat Harrys Cat

5,128 Posts.

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30/05/21

10:10

Post #: 53514915
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Originally posted by Ironstone338: ↑

GRR shareholding outside of Shagang includes genuine world class investors. I see one deeply respected name, of Hong Kong I presume.

Equally there is extremely high quality information being presented by fact focussed postings. Notably on pricing and shipping volume. Again, a world class contribution.

This company ought go ballistic.... orbital. The sole dampening factor appears to be uncertainty or distrust in management. Whether fair or misplaced, the threads on this site clearly evidence it.

i want a rally or riot on governance. The desired outcomes being:
1. at least one, preferably two more independent directors;
2. A transparent ASX announced dividend policy; 3. A transparent ASX announced strategic direction and capital policy.

The case for this is unquestionable. The cost is insignificant. The board has recent past misjudgement on investment. It is risking minority shareholder class action due to its thinness and proxmity to a major shareholder. The commentary and voting figures on the Shagang deal show this.

The "rally" course looks like this. The board has two to three months to clean up governance by adding at least one clearly independent director, preferably two. It can announce dividend and strategic/capital policies. It can declare a healthy dividend consistent with the factual statistics posted on this site. Each announcement will relax shareholders and generate confidence, to the substantial benefit of every shareholder. By August.

If that does not eventuate then I foreshadow the "riot" which is in the form of a legal initiative to drain the swamp. This involves forcing suitably worded, objectively reasonable resolutions at an EGM. If the board recommends against, or Shagang votes to block the governance resolutions, it demonstrates a prima facie case of opression, and they find themselves in front of a Federal Court judge with power to over-rule them. If Michelle feels nervous at a mere AGM, then I rather suspect this course will involve a new level of discomfort.

This course requires 100 shareholders or 5 percent. I hold a decent proportion of that already and am currently reaching out to the Hong Kong club.

May I please have simple yes or no support responses to this thread?

Also, Rocket you appear to be in trusted contact with the Board, would you mind please sharing this thread with them in a non threatening constructive way? To be very clear about the matter, there is no threat or malice involved. This is purely constructive fact based statement of proper course, in common interest.

Thank you.

Expand

Ironstone, you say you need 100 SHs or 5%.
I presume that's 5% of shares on issue? (Or is it 5% of shareholders?)
By my rough reckoning that's about 58 million shares.

Some of us have stated our rough holdings but many have not.
How will you know if you have enough?

FHC

GRR Price at posting: 50.5¢ Sentiment: Hold Disclosure: Held
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