I don’t think there’s any strict legal requirement to have a majority of independent directors. I believe there is a legal requirement for ASX listed company to have 3 directors.
Given one has just resigned and they’ve announced he’ll be replaced soon I doubt the current situation would garner much more than a slap on the wrist (e.g. a small penalty) and even that’s highly unlikely in my opinion.
Just curious as to what exactly you are hoping to achieve. If you don’t have an alternate plan then all you’re doing is throwing a spanner in the works of the existing plan.
Gandel is an experienced operator, holds seats on other mining boards, seems to have deep pockets. The fact they’re willing to back this is a positive sign.
The rights issue is only open to those with stock. Not sure if they’ll end the suspension once an underwriter and timetable is in place or until the actual issue.
But either way think about the valuation of the business *after* it comes out with no debt and great production figure.
Investors already factor current debt into their EV calculations anyway, so to some extent it’s already reflected in the price and it’s elimination should also get reflected in the price.
CTL Price at posting:
0.9¢ Sentiment: None Disclosure: Held
