Absolutely right Jugi, good to see that you have been proactive and tried but as you now know shareholders do not have the power in their own right to demand access to all company records but they do have the power to request ASX/ASIC to enquire into deceitful and misleading actions by the company. Organisations such as Australian Shareholders Association also have some clout and know how to go about digging up this sort of stuff.
A comforting thought is the knowledge that the systems they have in place would most certainly have revealed the problem and without anyone taking direct action and deleting an awful lot of records which would require a lot of collusion then it will remain in their records and will be easily found if action is ever taken to investigate it.
Another interesting thought is that IMO the loss wouldn't have been in Septmeber alone as the revenue for Q1 was only $29.6m and with poor utilisation of vessels and other parts of the organistion bleeding badly it is unlikley that the GP margin would have been more than 25-30% seeing as the margin in 2010 was only 30%. This would result in GP of between $7.4 and $8.8 for the Qtr. Overheads including interest averaged close to $5m per month last year so you dont have to be Einstein to work our that they knew about the problems well before 20 October.
I understand it was one of the new management team actually took the initiative and told them that they had serious problems that had to be addressed and that is about when it all happened and they put the team together with the task of addressing the problems and turning the company around.
NMS Price at posting:
8.4¢ Sentiment: None Disclosure: Held
