Read the Weekend Australian and you will see the hypocrite comment of the decade by a Director:
"Wednesday's vote meant 17.61 per cent of shareholders.....were dictating terms to a majority of 82.39 per cent ..."
Gee folks, where was the democracy when the BOD controlled by the Kirby's and Burke (with a minority economic stake) decided to play fast and loose with the preference shareholders - who incidently probably provided more capital to the company than the above individuals, got their income cut 100%???
Where is the democracy when a majority of shareholders get no income based upon a, IMO, shoddy series of asset writedowns, Yet to see maintained a series of multimillion dollar income schemes for the management and BOD?
Where is the democracy when the company engaged in series of actions to drive the price of the prefs lower and a media campaign to raise doubt in the market about the value of those shares in order to scoop them up cheap?
I hope that they end up screwing themselves.
No right minded investor would ever partner with these people again given their record of treament for minorities.
VRL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
