Pacific Dairies shareholders finally get that meeting to boot the board
Health & Biotech
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Pacific Dairies shareholders have now fired the starting gun on a second move to drop the board.
It’s the second notice in the last four months: the board deemed the first in October to be invalid.
The 249D notice, a motion to remove directors, wants to boot chairman Paul Duckett and directors Ray Taylor and Chris Egan and replace them with Rhett Morson, former director Ping Huang and Alan Mitchell.
The meeting is scheduled for February 1.
Shareholders, who watched the value of their investment plunge by 58 per cent in five months in 2016 before the stock was suspended from the ASX, are irked.
Pacific Dairies (ASX:PDF) promised to become a dairy farmer rather than a meat producer and buy five dairy farms in the fertile Riverina in 2016, and then pitched a somewhat random plan to start a joint venture — in Fiji.
The current board says it wants to put the company in the position where it can end the share suspension this year.
It is yet to find someone to bankroll any of these plans, the latter of which will cost $5m.
They need a funder because they don’t have any money themselves.
According to the 2018 financial report, the company made a $698,000 loss last year.
Director and consultancy fees made up 60 per cent of the company’s costs.