Shareholder not happy with crash in shares value

A SHAREHOLDER of PNG Air has told the board to improve on the airline’s performance in the coming year.
Dan Kakaraya, of Dan Corporation Limited, said during the company’s annual general meeting yesterday that the value of the company’s shares had dropped from K1 to about K0.15.
“Firstly, I would like to commend the board and management for giving a facelift and at least making some improvement (to the airline),” Kakaraya said.
“But I’m disappointed with the performance since listing. Chairman you have come mid-way, but as chairman you have to take the responsibility in being accountable to the shareholders.
“The management must take note (that) the company has not performed to the satisfaction of the shareholders.
“And one of the remarks you have made, I think that is not fair. No shareholder has to be discriminated. Every shareholder is a shareholder.
“If the board and management cannot perform, they simply have to resign. But for this AGM, we will allow that.
“But at the next AGM, we want to see some real improvement. We want to see profit, we want to see dividends to shareholders before directors and management can talk about their pay rise.
“Otherwise, on behalf of the shareholders, I am going to take legal action – I would like to register that now and I want the full board and management to stand down.”