Boeing777 does have a point though, the 249D was predicated on poor corporate governance, constant delays by the old board and an aim to restore shareholder value.
Yet on the original timetable for this deal there was no guarantee that we would have access to the independently verified reserve figures prior to voting on the deal. Thus denying us the chance to make a fully informed decision.
Also, we were to have voted on the deal on or before 17 November, yet legally they have to give four weeks notice of the meeting under Corporations Law, a deadline they cannot meet as it is 3 weeks and a couple of days to 17 November. So why are shareholders, and the market in general, being kept in the dark about what is happening with the deal?
To conclude, on the basis of the 249D, this board is failing on what they told shareholders. This is not to say I support the old board, I was very much a critic of them and I count myself lucky that I did not get a letter from the lawyers, I did get warned by concerned shareholders a few times that I was sailing very close to the wind.
EGO Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
