No acceptance of any independent oversight will ensure the existing lifestyle board continue to go on their merry scr*w shareholders way. At the last EGM, ASEAN looked to be only 50% of those voting "FOR" change. Hence, this is now a full shareholders revolt. This isnt ASEAN only anymore, its multiple long term holders.
Points to remember:
A. My due diligence on ASEAN is that they have been in business for 15+ years and they prefer to work with aligned management teams.
B. ASEAN prefers managements that operate with good corporate governance, but if the discount is large enough, they will become activists for change.
C. They dont tolerate lifestyle CEOs who continue to tell stories with no substances.
Whereas the proven direction of the existing board with no oversight is total destruction. A board that has continually threatened shareholders like Reeve does (among other thing, look at the threat of the non-bindingwith potential to go nowhere Gold JV being cancelled if the existing directors were removed.), makes it clear that this is the tool he uses to hide his manipulation. We shouldnt be fooled any longer, the history is there for all to see.
Another shareholder also pushing for change is Pre-Emptive Trading, a long term loyal shareholder who was first to act on the need to make management accountable. They diluted his position from 6% to 3% to try and silence him. Note his Twitter statements that management is very lacking on oversight.
Some see uncertainty here, whereas I see certainty of positive change with oversight. This oversight brings security over future key decisions which will ensure the NPV is not diluted away to nothing by further mismanagement.
I think we all understand why the stock is in suspension for more than 2 months now. Everything is indicating breaches of listing rules running up to the 21st May EGM by the board. We are all awaiting ASX's determination on this. It is not good for the existing board as it is likely to indicate serious manipulation to negate the real results of the 14th April postponed meeting. Is this fraud, breach of directors duties of care or ??? The true colours of Reeve and Madden will be on show then.
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