Ann: TOV: TBR Declaration of Unacceptable Circumstances, page-32

Thanks for your posts.
ASIC replaced the NSC because it was deemed that NSC was not doing its job. The Bank Royal Commission confirms that ASIC is not up to the task either. The fact that ASIC has sat on its backside for some 8 years in the full knowledge of the situation with respect to Tribune means that they were prepared to tolerate that same situation.

Is this because Tribune has broken the fundamental but unwritten law of our market?
e.g. It is verboten that listed companies manage to increase shareholder value without enriching brokers and other parasites.
Tribune has managed to maintain essentially the same number of shares on issue since at least 1998. My 1998 Annual Report shows Sierra Gold holding 8,020,000 shares. This number holds true today. The shareholder spread remains very similar. Remuneration payments were minimal for many years and remains exceptionally modest. Operational costs have always been held in check - even now. Brokers and other parasites have gained zilch during this time. It is the strong hold on the management of the company which continues to deliver value to shareholders. Any other company with the same ground would now have sold out for a pittance and have at least 1 billion shares on issue - and their directors would still be getting very well paid.

Thank you Anton for always putting the small punter first and eschewing the big end of town (and their sycophantic and not-so-smart followers).