The AGM material has just been released which affords me the opportunity to propose to the shareholders on HC that we should reject the Re-election of Director – Ge Li and An Lin Shao.
Currently there are 5 Directors on the Board for a company that is generating zero revenue (I don't consider interest income as an option to save GBG). ASIC states the minimum is three (3). These two Directors are paid $57,750 and represent about 10% of the reported loss of the business. I appreciate they were appointed when GBG had the majority shareholding and Ansteel (they are Ansteel employees) was propping up the company but the tables are turned.
Shouldn't GBG now have representation on the KML Board and/or Ansteel.
Some irony here - Karara Mining Limited (KML) only has three (3) directors. They worked it out. GBG has no representation on KML or Ansteel.
I urge the shareholders to vote AGAINST their appointment.
GBG Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
