There are a few options, but the first two would be either a group of existing shareholders, like you and I, that would be prepared to stand up for the company and back our investment and belief, or we could seek an interim board via the Australia Institute of Company Directors to form an independent board.
The injunction, whilst really interesting from a legal perspective, is probably not the first choice...let the two parties fight it out between themselves, damage their reputation with shareholders even further than a week or two after the June 22nd EGM call requisition another meeting. Within this time we could sort out an independent board to put forward.
I actually don't see timing as an issue if we don't run the injunction and even if Palmer goes to court and the EGM is delayed it gives us more time to find a board. Who know's we may find a suitable permanent board to put forward if we used the AICD.
CTP Price at posting:
43.0¢ Sentiment: None Disclosure: Held
