Mr James must be very busy as chairman of Anova Metals Ltd (ASX:AWV). Thought I'd take a look at it and the chart for the last two years looks as bad as AEB's chart.
I also noted this from their quarterly report just released:
A reduction of the Company’s overheads and suspension of directors’ fees, together with theaforementioned disposals provide the Company with sufficient financial capacity to meet the itsfinancial obligations for several quarters.
The Company continues to undertake disposals of non-core assets and non-core tenements from theWA tenement package and will continue to keep the market updated.
I see a pattern with Vimy Resources' (ASX:VMY), his other current directorship, chart showing similar poor performance over the last two years.
AEB, AWV & VMY have all hit record lows in recent months and all three include Mr James on their boards.
Anova Metals 2018 annual report also indicates that Mr James was a non-executive director in Moko Social Media (MKB) in the last three years. Can you guess what MKB are doing? Nothing, they are in administration. Strangely I cannot find any reference to his MKB directorship in his appointment notice to the AEB board nor any annual report since despite AWV noting in their 2018 annual report that he was formerly a director of MKB at some point in the preceding three years.
Nor, in his appointment notice of 16/9/14 was ANY reference made to any other directorships (other than AWV) that he had held in the preceding three years (a requirement although I am not sure if that is an ASX listing requirement or a Corporations Law requirement) despite him having held directorships of at least two other ASX listed companies in the three years prior to 16/9/14 according to his blurb on AEB's website. Funnily enough the company has only declared him having directorship of VMY in their 2018 annual report, this was overlooked in their 2016 and 2017 reports despite Mr James being appointed as a director to VMY on 1/4/16.
You would think Mr James would understand his obligations as he is a Fellow of the Australian Institute of Company Directors according to the blurb on him in VMY's 2018 annual report.
His history reminds me a bit of Mr Stroud, (along with Mr McConchie) the co-founder of AEB.
AEB Price at posting:
0.9¢ Sentiment: Sell Disclosure: Not Held
