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jimk3758

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16/09/18

08:59

Post #: 35627552
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Originally posted by jimk3758 ↑

I was furious that the BOD were going to get off Scot-free on this. The SGH settlement offer was specifically structured to let the BOD off Scot-free. However the alternative was no settlement with SGH wound up and all assets sold and going only to AC. The insurance would take years to get and less by $4m AC stumped up and less the extra legal costs required beyond the early settlement offered by SGH/AC.

Furthermore it is likely key BOD members would have very little if any assets in their own name to get. Remember AG and JS sold their mansions early on and I remember in the case of AG it was in the wifes name anyway as was the later sale of the holiday penthouse home on the Gold Coast. Therefore I now believe the SGH settlement was the best outcome for aggrieved SH by millions of dollars.

Now all that doesn't change the fact that the BOD disregarded continuous disclosure laws which is a serious crime. If this happened in the USA I beleive at least some BOD members would be facing criminal charges. Unfortunately in this country we are stuck with ASIC that oversees too many areas and which they themselves claim is underfunded. I think the SGH is overburdened but also underbrained.

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Oops of course the last sentence sould be ASIC is overburdened and underbrained. I don't think that about the current SGH which has made it clear to shareholders they are looking after AC interests.

SGH Price at posting: $3.05 Sentiment: Sell Disclosure: Not Held
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A New Dawn, page-621

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