Extract from ABU corporate governance statement "The Board...

Extract from ABU corporate governance statement
"The Board guides and monitors the business activities of ABM on behalf of the shareholders by whom they are elected and to whom they are accountable."

Lets analyse this statement;
The board guides & monitors business activities; yet they blindsided shareholders by entering into a deal with PRC (diluting shareholders early 2014) then the TAM deal to refurbish and use the Coyote plant at great expense plus lease & haulage costs.
ABU then has the hide to release an ASX announcement (ASX 7/4/2014) stating the ratioanle behind the TAM decision after the deal was already signed.

Yet as I mentioned the 2013 Ann report page 14 states a very different mine plan involving a staged approach to mining of Old Pirate utilising the gravity feed processing plant. The 2013 Ann report devotes 10 plus pages to the Old Pirate mine plan starting at page 14.
"The staged approach to mining takes advantage of low engineering risk and allows the company to keep up-front capital expenditure to a mininum. An objective is for each stage of development to be profitable / quick payback periods and to provide capital for subsequent stages from cash flow"

Now comes accountability;
Shareholders were blind sided by the PRC & Tam deals; they had no way of exiting their positions because the deals were already signed and the SP suffered as a result.

Secondly; yes DH has gone; yet DH answers to the BOD's so who is to blame for this debacle.
This debacle dates back to the PRC & TAM deal in 2014 which IMO I would say the whole BOD would vote on these decisions; yet these decisions were entirely contradictory to the 2013 Ann report; in other words the Old Pirate mine plan sold to the market in the 2013 Ann report can only be considered IMO as 10 plus pages of market deception. This statement of market deception involving the 2013 Ann report can be validated as the PRC & TAM deal were signed some 6 months later without shareholder knowledge; the end result of these decisions is of course blantantly obvious.

In short a mine plan for Old Pirate was sold to the market in the 2013 Ann report yet in IMO ABU BOD's decided to do their own plan without advising shareholders till after the fact. I believe this is an offence in regards to ASX reporting rules and I will advise ASIC in my report.