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As a very concerned shareholder of BPH Energy Ltd, we hold grave issues with BPH Energy Ltd's "repayment of borrowings" to Grandbridge Ltd, as provided in the Quarterly Report.
Shareholders will be aware that Grandbridge Ltd (ASX: GBA) is an entity that has three directors, two of whom (Mr Breeze and Mr Maling) are common directors on the BPH board. GBA has been suspended from trading since 1 June 2017 due to failing to satisfy the ASX of its financial viability.
The only "independent" director that can authorise the transfer of funds to GBA from BPH is Mr Anthony Huston.
Do BPH's board minutes demonstrate that Mr Breeze and Mr Maling (or Mr Fontaine, now resigned) abstained from the decision making process that authorised BPH to transfer these funds to GBA?
How does BPH Energy Ltd, and its shareholders, benefit from transfer of these funds to an entity in the financial position of GBA?
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