I had no idea of such requirements, obviously there has to be a minimum state to be a listed company but, GGP are certainly struggling going on all of the requirements you have provided, thankyou.
On the state of current affairs, to say that the reporting and actions of GGP of late has been very unlike GGP is an understatement, in my opinion. All of the following announcements have been provided possibly because of the regulators keeping in close contact with the company ?
Resolution of an Over-riding Royalty Dispute
Response to ASX Aware Letter
Resignation of Executive Chairman/Managing Director
Top 20 Shareholders
Then we have the Resignation of Executive Chairman/Managing Director Steve Graves. Steve has been retained as a Private Consultant for an unknown period and his remuneration based on a daily or weekly rate, reporting against specified duties is yet to be determined.
What is most concerning to myself is the following.
Steve Graves has retained "authorised signatory" status for the short term. along with Jim Sloan who is Kindee's Land and Legal Manager. Jim is based in Houston, Texas.
Question; How is it possible that someone, external to the company has control over GGP finance's, and can also sign off on other matter's ? One may question the ethical and moral issues on this decision but I would like to know, what the corporate ramifications are with a person external to the company, has signatory authority ?
Anyone here hand over their cheque book to former employees ?
Can someone please clarify this decision by the board please ? As I am a corporate novice lol Oh what an understatement that is, it still seems a remarkeable decision though.
Regards
GGP Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held
