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Originally posted by Scarpa
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Whether it is a class action against Directors or Section 249D is essentially the same thing IMO - a class action itself against Directors I think will result in the Directors using the resources of the company in defending themselves so why not go all out and remove the Directors in the first place. And during the clas action I am sure they will still remain on the BOD and the point is the current BOD shouldn't be running GPP. GPP doesn't have time on its side IMO given the complete lost of confidence by the market in GPP (caused in significant part IMO by the actions of management itself of over promising and completely under-delivering, just look at OHD). Getting rid of the BOD or having new blood on the BOD is the priority here IMO if SH want any hope of 'upwards' here because without change GPP will eventually die a slow death IMO. A 249 is also in the markets face as against a class action that will take years to settle IMO, noting I can't see the 249 working given current SH ownership in GPP but a message needs to be sent by SH that current management is not up to the task. I personally believe if the existing BOD did have a good look at itself over performance it would sack itself, but that might require admitting your failures and realising you are not up to running the company (and egos IMO in business are often divorced from reality).
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Scarpa, thanks for your reply, I wholeheartedly agree with what you say, I believe the prospects need to come forward and lay out there intentions if they are only going to be interim board holders, I still believe 110% that the existing board have enough shares to remain in power, I think the OHD is GKs baby and he won't be going anywhere without it, as you say there is no easy solution, I truly feel for those that are stuck here, IMO there is at least 1-2 years of hard work to try to get acceptance back from the market, cheers
