Hi guys, If you want something done, write to ASIC. I did so recently for another company and got a response in writing. It is anonymous. Whether they do anything is another thing, but its better than going over the same ground again and again on HC. Submitting a complaint takes a while, and forces you to define exactly how your interests have been compromised or how regulations have not been met, but if they get several responses, you MIGHT get some action.
I have to say that the corporate governance of this company is amongst the worst I have seen. And the last announcement talking about getting options exercised is bordering on the immoral, especially given the lack of subsequent follow up regarding promises to be more transparent and for a road show. Some posters here suggest its shareholders own fault for not having stop losses in place, but that is a tiny moral fig leaf as far as I am concerned. Having said that, I am not sure whether any laws have been broken. The corporate governance system is Australia is very poor at creating transparent and independent boards to regulate these micro-caps, who keep 'going back to the well' with new promises and never delivering. However, they provide a good income to upper management and directors who provide little in the way of shareholder protection... i.e shouldn't the board be demanding answers to the questions being raised on this forum?
GDN Price at posting:
6.0¢ Sentiment: None Disclosure: Held
