The company has some debt to Westpac. look at borrowings in current and non-current liabilities, say $2.2M. The loan is guaranteed by the parent entity whoever that is:
Previous directors were trying to pay the debt off as fast as they could and bring a new vice chair and hopefully replace the chairman. It did not sit well with him and took the control of company back to his family.
It is simple stuff.
as for why he must have control over the company, you will never know...
We just fell into his game because ASX allowed it. this should not have been a public company if it is controlled by one person
Wang Gand - Pudu, page-8
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