Look at the bottom of the announcement - only 166 Eligible...

Look at the bottom of the announcement - only 166 Eligible shareholders took up the offer in Aug 2017. In the Annual report dated 30 june 2017 there are 3449 different ordinary shareholders. That is less than a 5% uptake in the share holder placement (4.8% to be exact). That says to me that after joining as CEO on 16 May 2016 and after 15 months at the helm, which is a significant time, that Archie Fraser was only able to get support for his work from less than 5% of shareholders. The share price peaked at 13c on May the 15th 2017 after 12 months in the job and then to lose 25% of the value of the company to 10c, 8 months after the peak on the 22 Jan 2018, which is also the day Archie Fraser resigned, makes me wonder what sort of job he was doing. This is the man responsible for the company and in 8 months he loses 25% of its value and resigns. Do not forget also that Archie Fraser was working with the same management team now that will only stay if he stays.

The CEO is responsible for the running of the company - he is responsible for ensuring his management team get on board and operate the company to maximise the value for shareholders. This clearly was not happening. The same management team that is threatening to leave if Archie goes. Let them go I say, start a new company culture, bring in some new talent, and start at the top. How can we be confident that they will run the company successful when Archie Fraser failed miserably at his first attempt. Enough is Enough - this company has so much potential yet seems to fail at every turn with leadership. We would be silly allow these guys to continually destroy value in the company.

Nearly as frustrating as watching the Dockers play footy.

Note this is the number of shareholders and not the % of shares owned.