It has been a long time coming but there is finally a group of Mount Gibson shareholders, both large and small, who are mounting a campaign against the controlling shareholders.
ASIC and the FIRB have both been requested to investigate the issues raised. The key issue surrounds the independence of the board (particularly in relation to Mr Kin Chan & Mr Alan Jones) and the resulting oppression of minority shareholders.
The action seeks to obtain any number of possible outcomes. The two most compelling involve a forced takeover, or to extract the payment of a material dividend with complimenting franking credits.
The group is wanting to gauge the preference(s) of other minority shareholders with regards to a forced takeover v’s a special dividend and are encouraging the discussion.
Anyone interested in joining the campaign can email [email protected]
MGXminors (at) gmail (dot) com
MGX Price at posting:
43.5¢ Sentiment: Buy Disclosure: Held
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