Aguia Resources announced today, in barely three lines of text, that it has sacked its CEO and that its chairman has resigned
Aguia Resources announced today, in barely three lines of text, that it has sacked its CEO and that its chairman has resigned. Why? Who knows; at least not anyone who relies on ASX and ASIC to protect shareholders. The share price has fallen nearly 30%. And, supposedly, we have a system of continuous disclosure. The small resources end of the market is rife with failures to fulfil continuous disclosure obligations. Aguia's behaviour is a reason for more people to abandon the sector. Aguia has effectively given the middle finger to all investors and ASX and ASIC by failing to disclose the reasons for the board movements. Here is another opportunity for the market regulators to at least pretend they are serious.
John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...
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