Share price negativity on CMW - New directors approach

With the hostile takeover of some of the board positions, some selling on Friday. One thing to remember, Cromwell has gathered some great assets and has been managed very well, in some ways they become a take over target because of this. ARA chose a partial takeover to gain control of the board and have achieved this. The new directors still have obligations by law to perform in the best interests of shareholders. While some of the information given out was claiming ARA want the assets, they never acquired the complete company, and possibly this was the old directors hanging on to their jobs. The new directors prior to joining claimed the strategy was wrong and they will fix this. Time will tell. In the mean time all shareholders will be monitoring what is happening. From the ASIC site - https://asic.gov.au/for-business/small-business/starting-a-company/small-business-company-directors/

As a director, you are responsible for oversight of the affairs of the company. You must comply with your legal obligations as a director under the Corporations Act 2001. This is the case even if you appoint an agent to look after your company’s affairs. As a director, you must be fully up-to-date on what your company is doing, including its financial position, question managers and staff about how the business is going and take an active part in directors’ meetings. You must not use your position as a director of a company – or information obtained because you are or have been a director, officer, or employee of a company – to cause detriment to the company or to gain an advantage for yourself or someone else. When you make a business decision as a company director, you must, amongst other things, ensure that you:make the decision in good faith and for a proper purpose do not have a material personal interest in the decision and make it in the best interests of the company find out and assess how any decision will affect your company’s business performance, especially if it involves a lot of the company’s money or could have a material impact on the company's reputation keep informed about your company’s financial position and performance, ensuring your company can pay its debts on time get trusted professional advice when you need assistance to make an informed decision make full and frank disclosure about any material personal interests you do have There are penalties and consequences – including civil penalties, compensation proceedings and criminal charges – for directors who fail to comply with their obligations under Australian law. All the duties and responsibilities listed on this page are the minimum obligations for directors and officers of small propriety companies.