has texon taken a red bull?, page-20

There is growing concern on HC that TXN's board is not demonstrating its legal obligation to serve shareholder interests. I raise the following concerns:

A. WANDOO
One of the greatest concerns is that TXN relies on Wandoo and pays that company in multiple ways. Aside from whether TXN has benefited from Wandoo's services (an doubt raised on this forum), there are ongoing concerns:
1. One of TXN's board members owns Wandoo, which I would think makes that person (Mason) ineligible as a board member due to continuous conflict of interest as a contractor.
2. TXN pays some (or all?) of Wandoo's costs (e.g. $125/hr for labour), yet Wandoo gets additional benefits from TXN for the results of its work (e.g. share options).
3. The purpose of Wandoo is unclear. Wandoo buys the surveys from another company, which TXN could likely buy directly and directly pay contractors to analyze without Wandoo's participation! (TXN apparently currently pays for these contractors indirectly through Wandoo's labour costs.)
4. Since TXN pays for some or all of Wandoo's "tools of trade", Dave Mason might be legally considered an employee rather than contractor under employment law.

B. EAGLE FORD SALE DELAY
The delayed Eagle Ford sale is another concern. Although time is needed to secure a good sale of valuable land, I am increasingly worried that the land sale is being determined more by the financial interests of the directors and managing director (Foss) than by prudent business practices.

I could be wrong here, and I hope the board proves I'm wrong, but I am very concerned that TXN's board and management are acting contrary to the best interests of shareholders. The possible ongoing conflict(s) of interest is a particular concern that requires assessment against prevailing Australian law .