Thank you jtaylor1 for those three posts and highly pertinent questions. I note that section 195 stipulates that directors of a public company who have a material personal interest in a matter to be considered by the board must not be present when it is discussed or vote on the matter.
There is little doubt that that merger was being hatched by those with interests in GGX long before the resignations of those three highly credentialled and core OIP directors on 2nd October and that major OIP shareholders, ESG and Ingalls and Snider, mates and close associates of Mr Morton were powerful participants in the hatching of the merger scheme and in causing the three resignations.
It seems that the appointment to the OIP board of the compliant, possibly also complicit, GGX director Mr Langusch with urgency on 2nd October, was part of the deliberations which produced the hatched scheme, though Mr Langusch needed to be encouraged in his risk-taking and rewarded for same by the future payment of 5 million OIP shares and a 3 year interest-free loan of $650,000 from the coffers of the merged OIP to enable him to purchase them at 13cps.
Furthermore that full disclosure of those present at the OIP/GGX merger "negotiations" has not been made to the market is surely a breach of the fiduciary duties of both boards.
It is a sad commentary on our market system that there is no readily available mechanism by which the critique by OIP's shareholders can be shared with all OIP shareholders in the same way as those who hatched the scheme are able to mail out at shareholders' expense their "Explanatory Notes" to drive their agenda.
If each company were required to have a forum on their website accessable only to their shareholders that would be a significant service both to corporate accountability and to a fairer operation of the market. It may also go some way towards restoring investors' confidence in the market and would also reduce ASIC's workload.
I have forwarded these posts onto those in ASIC with whom I have been corresponding lest they and ASIC are not members of this forum, but I won't be holding my breath for a result.
OIP Price at posting:
8.0¢ Sentiment: None Disclosure: Held
