another vgh board failure: company not sold

Another failure. CEO's company sale deadline "by Christmas" not met.

Today's ASX release drives home the message on continued Board failure; bidder interest received over the last few months related to the Day Surgeries only - effectively no interest expressed to buy the Doctors' consultation business.

The doctors are completely unattractive as a business proposition to any buyers. A dismal state of affairs.

The Board has again proven to be ignorant to the effects of wealth destruction delivered to long suffering shareholders over the course of 2010. The company is unattractive to all but those that see some break up value, such as PRY.

Heavy debt continues to loom as a major problem for this strategically impaired organisation.

When will the underperforming Board members resign? When will the underperforming Board members understand they are also responsible to non-doctor shareholders, who own over 70% of the company?