The annual report highlighted that the company still held...

The annual report highlighted that the company still held 2,546,099 Argonaut shares which had not been sold off in accordance with previous board directions.

When the EGM was held in March 2011 Tay had responded to the directors at the time about his trading activities and had stated that those Argonaut shares were worth approx $250,000. By not compling with the boards directions at yesterdays closing price those shares are now worth $100,000 less.
Why haven't these shares been disposed of?
At a time when cash is king this should have been a top priority. I think Tay has some explaining to do.

I have posted the Top 20 shareholders of Argonaut as at 20 September 2010 which shows that the trading of shares continued after that date. It also highlights some familar names when comparing to the Dynasty Top 20


GLENEDEN NOMINEES PTY LTD Ordinary Shares 11,315,160 6.848
GOLDSKY ENTERPRISES PTY LTD Ordinary Shares 2,800,000 1.694
RIVERLINK INVESTMENTS PTY LTD Ordinary Shares 2,800,000 1.694
CITICORP NOMINEES PTY LIMITED Ordinary Shares 2,743,274 1.660
MR XIANG GAO Ordinary Shares 2,700,000 1.634
AVONLANE HOLDINGS PTY LIMITED Ordinary Shares 2,588,851 1.567
BESTFIELD COMPANY Ordinary Shares 2,572,401 1.557
MS ZHENG HUA WANG Ordinary Shares 2,557,172 1.548
NATIONAL NOMINEES LIMITED Ordinary Shares 2,148,608 1.300
ROSWEL PTY LIMITED Ordinary Shares 2,093,780 1.267
PACIFIC GOLD RESOURCES LIMITED 23 RD FLOOR Ordinary Shares 1,957,113 1.184
MYTECE PTY LTD Ordinary Shares 1,682,500 1.018
DYNASTY METALS AUSTRALIA LTD Ordinary Shares 1,601,117 0.969
MR ALLEN KING & MRS JOLANKA KING & MR JOHN KING

Ordinary Shares 1,600,000 0.968
LAY KEE TAY Ordinary Shares 1,550,000 0.938
MISS YU CHUAN CHEN Ordinary Shares 1,547,550 0.937
ZAYCHAN PTY LIMITED Ordinary Shares 1,500,000 0.908
MS LAY KEE TAY Ordinary Shares 1,473,770 0.892
ASHLAW PTY LIMITED Ordinary Shares 1,469,654 0.889
JP MORGAN NOMINEES AUSTRALIA LIMITEDINCOME A/C>