Somehow I am not surprised. To them it is a goose that lays the golden egg. Thanks for the extract. I totally agree with what B Sheppard said. I think it starts with the remuneration and incentive structure for the CEO. There is little incentive to do anything when he is collecting a $650k base salary. The chief board member is getting $160k, what to attend a couple of meetings. Why invoke change when he gets a tidy sum to meet up a couple of times. There is no incentive to force improvements.
I'm in view of a equity raise, however I would only support it if there is a clear out of board and management. However the chances of that are unlikely.
IMO the catalyst for a chance in turnaround has to occur in the following manner. A individual takes on a significant or majority shareholding in the company. This individual forces a change in board. The board forces a change in management (in particular the CEO position) and revises the incentive structure. Complete an equity raise probably at 15cents a share. The objective would be to achieve a npat of $8mill going forward/ that should return about 1cent per share which should be adequate for shares prices between 15 to 17cents.
I don't know too much about Peter Wells. But I might do abit of digging.
Full disclosure I don't own mpg.