It would seem that heading has been very apt all along. Fancy announcing a dividend when the company was obviously in financial distress. SE would have known of the finances all along. But maybe he didn't know of the company's true financial position. If as CEO he truly didn't know, that's much worse than knowing. And now he has proudly become the MD.
There is BIG trouble in this little company. If I was a shareholder, (Thank God I'm not), I'd be getting together with my fellow SH's and again looking at the legal options available to oust SE and his backers.
Maybe EFTEL SH's should be investigating the possibility of having charges laid under the corporations act. It's sickening to witness company directors disregarding their responsibilities to and/or rorting the humble investors.
Assuming for one moment that SE has always attempted to act in the best interests of the company's shareholders. One would trust, at the very least, due to poor company governance Simon Ehrenfeld would excuse himself from all company positions.
Hopefully a new board and management can be appointed in time to turn EFT around. (Maybe the damage is done)
All the best to EFT holders.
EFT Price at posting:
3.8¢ Sentiment: Sell Disclosure: Not Held
