Has Kiernan gone soft?If he really wanted to pull the board...

Has Kiernan gone soft?

If he really wanted to pull the board apart there is a lot more ammo he could have used, some of it highly damaging, but of course this might have been a bit uncomfortable for OLY's director Mr Alan Kevin Lockett who according to the target's statement "provides ongoing consulting services to TTY" and "is a corporate advisor and financier with 25 years commercial experience both in Australia and overseas."

Of course it was Lockett who sold out his substantial holding in OLY and the holding of NMI to create the conditions for the current opportunistic bid.

Of course the Independent Chairman Randall cops a pasting in TTY's response, but isn't this the same Mal Randall that accepted the invite to join the board of Lockett's NMI in March 2007 and a company in which TTY is a substantial shareholder.

A detailed review of the actions, disclosures, governance, ASX questions, related party transactions and capital management of NMI make absolutely fascinating reading, but this only seems to be an issue to TTY when you are mounting a takeover bid, not whilst you are sitting as a friendly shareholder. (BTW, why did the man of the moment, Nathan McMahon leave the NMI Board in December 2006?)

One screaming inconsistency in TTY's salvo is the comments on the options to Directors the subject of the recent EGM. If the exercise price was such a steal and their grant highly dilutive why then did TTY cast its vote on the poll in favour of the grant to Randall, Gazzard, Baxter and Goodall guy and actually vote against their corporate adviser Lockett and Walters? Please explain?

Good to see someone come in at 10.5 cents (maybe Patersons might actually be earning their fee), but I and other posters on HC know the true form of what has gone on here and it is far from pretty.

Expect the requisition for a board spill soon and OLY holders, look very closely at who TTY will put up.