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20:08
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Originally posted by Octaviumcapital:
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OCI believes that if the current Board is spilled as per Item 4 then it gives IGN shareholders the option to vote for alternate directors sometime in the following 90 days approx. If IGN shareholders do not like the alternate directors that nominate they can then just vote in the same Board leadership that has been in place for the last 8+ years. If shareholders don't vote to Spill the board as per Item 4 at the AGM then there is no choice at this stage for another 12 months. The company has been citing the cost of an additional meeting but our view /opinion is that this is absolutely nothing compared to the recent year losses which total in the millions & millions of dollars. ( Plse bear in mind that if you strip out the $2.6m Jobkeeper payment then IGN would have made another operational loss again FYE 2021. The recruitment sector , especially in the Temp - Contracting sub sector which IGN is in did well overall during Covid. Not as good as alcohol sales but....)
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Hi, thanks for the response I was interested to learn more. I observe the same as a relative newcomer to IGN ie a relatively bloated, old school structure and BOD vs significant footprint and potential to grow profits. I've taken a position based on a hunch though I have fears (by the sounds founded) around the ability of the company (BOD) to execute and take full advantage of market conditions. Good luck to you Sir.
(20min delay)