Prime, pretty disgraceful situation, there seems to have been be a clash of personalities between the chairman and the very successful ex CEO of the traffic division.
Unfortunately the chairman seems to have let this cloud what judgement he possessed and he embarked on a course of action against advice from the company's share registry and against the printed undertaking contained on the proxy forms.
It is disgraceful that the other directors did not take action to curb this apparent abuse of power, the subsequent ASX announcement attempting to justify the chairman's actions just makes the situation even more ludicrous.
And you know what?, I reckon he will get away with it. The company's fund shareholders and the regulatory authorities are asleep at the wheel.
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