ASIC in that statement from the Commissioner are actually admitting they do not see their role as a regulator and thats actually quite pathetic.
If they see themselves in that view, then they serve no purpose and should all be sacked and at least save Tax payers some money so we can then afford class or court actions and the like as ASIC suggests.
The PDF strategy has been from the very beginning that any action from ASIC is a bonus and should not be relied on to happen, and that is exactly the attitude that has been held in the pursuit in re listing PDF. The ASX is more attentive.
The current PDF caretaker directors have been the companies funding problem and now they have suffered the loss of 3 votes of confidence in, a first strike, a second strike and then the loss of the spill meeting vote.
No one has ever lent funds to a board with a record 3 strikes and PDF will certainly not be the first given their appalling record to date.
I believe that there is only approximately 20 listed companies in Australia that have ever received 2 strikes. Getting 3 is so rare that maybe ASIC could act, but waiting for that to happen or for a spill meeting in 3 months time is fools Gold
A caretaker board with 3 strikes against it and by not resigning is just attempting to mark time as they cannot do anything and are now very likely required to repay the promissory note if that ever eventuated.
They will now either attempt to refresh the board, put the company into administration or fake some confidence in their own future.
Either way they don`t have a project, don`t have a debt facility and don`t have a future as directors of PDF.
Facts and History in the publicly listed domain attest to that.
IMO DYOR
