when I think of all the public listed companies that have failed due to incompetence and or dishonesty and it is a very long list they have all been run by white guys.
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Can you please name all these companies? How many NZ listed companies have failed in the last 20 years?
CBL
Feltex
Pumpkin Patch
Pike River
Fortex
Intueri
Wynyard
Plus SMS
Snakk
PGC
Then there’s the finance companies :
South Canterbury Finance
Hanover
Strategic Finance
Capital & merchant
Lombard
Nathan Finance
Etc … all up 51 & in excess of $7 billion of wealth destroyed
Did I suggest they are broke ? ;)
or was that someone else ? :)
The following may give some indicators, bearing in mind Westpac appear to have pulled
subsidiary's Y's financing facility after $4m of stock allegedly vaporised without trace
The number of Board departures may suggest departing Directors not happy with what they saw
#136 Here:
DETERMINATION OF NZ MARKETS DISCIPLINARY TRIBUNAL 23 DECEMBER 2021
http://nzx-prod-s7fsd7f98s.s3-websit...780/362894.pdf
#139 in same document:Quote:
QEX has not made any submissions regarding costs but has noted that it has
limited financial resources at this time and that the recent Covid-19 lock-down
in Auckland has heavily impacted its operations. While it has not been
suggested that the global pandemic contributed to the breaches in this case,
there is no doubt that a Covid trading environment has resulted in a fast paced
and complex commercial environment where QEX and other companies must
make key business decisions at speed and when it may be difficult to predict
prospective market conditions. A small and closely held Listed entity, reliant on
external advisors, may be stretched and vulnerable in this environment.
Mistakes can be made but these breaches are consistent with a persistent
pattern of poor systems in place. That said, the Tribunal is mindful that
financial deterioration due to Covid trading conditions may be a factor in QEX’s
ability to pay its fine and costs at this time46.
In any case when or if things look decidedly terminal - will NZX then boot QEX off the BoardQuote:
The Tribunal also encourages NZ RegCo to work with QEX to determine how
best to make payment on its fine and costs (for example, agreeing a payment
plan).
and start proceedings for recovery of any Penalties & Costs still outstanding ? ;)
Guess that puts NZX ahead of the long suffering minority shareholders too ;)
Perhaps a faster & less painful (for minority holders) formula may have been to make
Ronnie jointly responsible with QEX for the large dallop of penalties or better fully responsible
as sole remaining Director and longstanding Bigwig of the show ? ;)
1987 The lunatics took over the asylum.!!.
And yes some of the wide boys reinvented themselves and did extremely well,while others did not know any better and re offended.
Some where on Sharetrader there is a thread "directors to avoid" or some such name.I lot of people on it.Thankfully I have a long memory.