promises just like we've heard before!, page-3

The board did exactly as they should have in the circumstances. The wording of the letter is as it should be under laws and regulations governing how the board of a public company must act. They are responsible to the shareholders for the future of the business and can be liable if they knowingly do not act in the shareholders interests.

Contingent has a much broader meaning than you have given it:

"Contingent liabilities are different for every type of business and profession, and management makes provision for them by setting aside appropriate funds as reserves. Examples include acts of employees, credit guaranties, incomplete contracts, pending court cases, third party indemnities, unfilled purchase orders, unsettled disputes, etc. Under corporate-legislation, contingent liabilities must be disclosed in a balance sheet via an explanatory note (footnote)."

Thus, the proposed agreement would have taken $99mil to cover which would be a balance sheet item significantly affecting the value of shares.

Basically, this would have allowed RC to bully the board into pretty much whatever he wanted by threatening to quit in a manner which would invoke the "special conditions". Not good business for the company I think!

A public THANK YOU to board members for looking after our interests in a proper manner.

(I do not know any of the board members. I am not a top 20. I hold 0.06% of the shares in the company).