Monday, 22 October 2007

Jones back in charge, good news for ANH

It seems that rather than be humiliated in front of a quorum of shareholders, Glenn Ridge and Terry Grigg decided to step down at the last minute. Thus the General meeting was unnecessary. As was, now it turns out, all the letters to shareholders by company executives trying to justify themselves.

In addition Dean Jones and Andrew Barlow were appointed to the Board of Directors whilst Company Secretary Jan McPherson resigned leaving Mr dodgy - Robert Edge as Company Secretary.

It's a good result given that Jones is back on board and the dead weight has been cut. Jan McPherson also won't be missed. Her repeated mistakes with ASX announcements makes you wonder if she actually had a law degree. The only question mark remaining is that of Robert Edge.

Remember Edge was the subject of an ASIC investigation in which it was found that Edge had:

repeatedly contravened numerous provisions of the Corporations Act (the Act) and Corporations Regulations and that his failure to comply with statutory requirements was ‘chronic and widespread’.

Given what Jones and Chairman Peter Jermyn had to say about Edge in their recent letters to shareholders it is hard to see why they would want him around and why Edge would want to stay for that matter. If Edge stays it would seem rather unusual and raise more questions as to the integrity of management.