Quite a number of conditions still to be met yet although apart from item [1]they should be very easily implemented
an aggregate US$40 million in new equity and/or mezzanine funding to be raised over the next 3 months
[2] completion of an in progress review of accounts on behalf of the financiers
[3] corporate governance matters
[4] implementation of the Lancaster Report announced to the ASX on 6 June 2014
[5] the appointment of two new independent non-executive directors, each appointee being to the satisfaction
of the financiers
[6] the Company’s Board of Directors to comprise a majority of independent non-executive directors.
All very sensible matters being required of Newsat and indeed most of them extremely easy to satisfy. It is a pity that it needed big brother to step in and require what should, in most of these instances been normal, sensible internal scrutiny of Corporate Governance in the first place. At least this will get the skeletons out of the cupboard and spring clean the Board and senior management.
When we can't seem to do it for ourselves it is at least some comfort that others are keeping a close eye on things on our behalf. I am sure we will be told yet again, and again, and again, and .... that management have taken notice and have learned their lesson this time. In the meantime I'll put my faith in the watchdog.
