Anyway here's my concern. A number of us have reported the failure to report (PBT2), for which I am very grateful!!
There's another issue that needs to be reported as well. I'm not familiar with the ASX rules, but would not be surprised if this omission definitely broke a rule or two:
That "Expert valuation report from FTI" where the revelation re PBT2 was NOT INCLUDED. The BOD may pretend they didn't know but THEY WERE CONTACTED BY MEMBERS ON THIS BOARD TO MAKE THEM AWARE. And those contacts were in advance of the report being delivered to them (report dated Feb 26th). They (all of our hardworking, responsible Board members) certainly had adequate time to review the report. There was a time lag of over a week prior to the March 3 announcement on the ASX.
So, on March 3, 2019 the AGM/proxy including the EXPERT report (FTI) was placed on the ASX. And that report was seriously flawed. The valuation was done WITHOUT any mention of the potential value of PBT2 as an answer to one of the greatest challenges facing the medical community - the problem of antibiotic resistant pathogens.
I believe this should make the valuation report totally invalid. Was this gross stupidity on the BOD's part or flagrant abuse of their position? Either way the March 3rd announcement should be withdrawn.
FWIW
I would think feeding your shareholders FALSE/severely flawed information prior upon which to make an important decision should constitute the flagrant abuse of some ASX law, rule, etc.
This behavior is certainly in conflict with the Prana Biotechnology Limited Board Charter. http://pranabio.com/wp-content/uploads/2015/08/PBT-Board-Charter-amended-260815-final.pdf They're violating their own rules Role of the Board P-7 "Providing leadership to the Company by:-Guiding the development of an appropriate culture and values for the Company through the establishment and review of Codes of Conduct, rules and procedures to enforce ethical behaviour and provide guidance on appropriate work methods;-Always acting in a manner consistent with the Company’s culture and Codes of Conduct" Further "Ensuring corporate accountability to the shareholders primarily through adopting an effective shareholder communications strategy, encouraging effective participation at general meetings of shareholders and, through the Chairman of the Company, being the key interface between the Company and its shareholders; " P-11-17 (lots here) 4 The Role of Individual Directors and 4.1 Directors’ Code of Conduct There's plenty here, (enjoy the read) but this post is getting too long.
Bottom line - the non-announcement of the Bohlmann research is one thing. The willingness of the board to foist seriously flawed information on us (in violation of their responsibilities as laid out in the Charter and which comes for the AICD Code of Conduct) is another item to be brought to the ASX (my opinion)
PBT Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held