That has been my position. With Catalen holding the majority shareholding in the ordinaries he effectively controls what happens.
I understand the potential for taking legal action with respect to the A Class dividends, however I still believe that the board is operating within the constitution and a court would be hard pressed to tell a board to pay a dividend to one class of shareholder and not the other.
My view is that Catalen is just biding his time hoping all and sundry will just give up.
My view is that the only way to resolve this stale mate is for the A Class holders to sell into a buy back or convert to Ordinaries. At what price I have no idea, however I do know that Catalen would have been buying A Class shares (or his associates) if this was a potential at a reasonable price.
CMI Price at posting:
94.0¢ Sentiment: Hold Disclosure: Held
