Correct but these interpretations become pretty subjective. In...

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groundswell

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22/08/18

13:14

Post #: 35093720
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Originally posted by flyboy77 ↑

I doubt you have any idea here Groundswell.

Corporate Govenance is about far more than strict legal requirements.

A director - of any company - has a common law fiduciary duty to act in the best interests of all shareholders, not just a select few....and it's all but impossible to say that most shareholders' interests have been well served here....

The share price (when it last traded) and the pricing of the 'proposed' raising attest to that fact admirably.

https://www.moores.com.au/news/the-directors-series-part-2-fiduciary-duties

Directors are regarded as having ‘fiduciary duties’ owed to the company. Fiduciary duties underpin the important legal relationship between the director and company. They are based on notions of trust and good faith and cannot be compromised.

Directors must not place themselves in a position where they are unable to make decisions in the best interests of the company.

A list of the fiduciary duties owed to the company follows:

the duty to act in the interests of a company as a whole;

the duty not to act for an improper purpose;

the duty of care and diligence;

the duty to retain discretion;

the duty to avoid conflicts of interest;

the duty not to disclose confidential information.

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Correct but these interpretations become pretty subjective. In this case where do you see a specific breach? The rights issue is available to all shareholders - so that would be hard to argue as not being in the interests of all shareholders.
CTL Price at posting: 0.9¢ Sentiment: None Disclosure: Held
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