trickeries and lies

Peter Cook and his mates informed shareholders in the 15 Sept notice of meeting the chairman direct their proxy to vote for the election of Dr Montalto. They waited 40 days until the 24 Oct Friday to announce to shareholders they have changed their mind and will vote against Dr Montalto. They gave shareholder up to 10am Monday 27 Oct to withdraw their proxy. Most shareholders will receive any written notices in their mail after the 10 am expiry date to withdraw.

Even if such practice is legal (Is it??) it is morally repugnant to most shareholders. Most of us tend to associate such behavior with crooks, thieves and robbers rather than the behavior of company directors.
Some shareholders were also under the impression that the board changed their mind because they did not want to increase the number of director post in the board.

Less than a month later, another fat cat joined Peter Crook oops typo error Cook to increase the cash burnt rate.

This same board resorted to using the Bioshare to report a $70 million cash asset at the end of September when Peter Cook himself told shareholders the cash balance at the end of Sept was $55M cash.

The cash balance in November is unlikely to be anywhere near $70M. I have estimated that it is more like $48m and burning faster with this latest fat cat addition. For details of my estimate read my earlier post:
http://www.hotcopper.com.au/post_single.asp?fid=1&tid=780275&msgno=3521861#3521861