ZXUS Ltd was listed on the Australian stock exchange in 2015. Its principal asset was an under developed iron ore deposit (mine) in Western Australia. This mine has only been partly developed and open for further exploration and development. ZXUS Ltd has issued 1 million shares to institutional shareholders and 100,000 shares to each of the six directors of the company. The six directors are Alan Jarrod, Bruce McMahon, Chris Tan, Derek Nguyen, Roddy McMahon and Fergus Latimer. Alan, Chris and Derek are executive officers holding the positions of CEO, CFO and COO respectively. The others are non-executive directors. While Alan, Chris, Derek and Fergus are usually in agreement about the corporation’s future direction, they are often at odds with Bruce and Roddy, who are married to each other. In particular there have been disagreements about how to raise funds for the development of the mine.
Alan, Chris and Derek have been working on plans to bring Chinese corporations to fund the development of the mine. Bruce and Roddy have opposed any such moves and have tried to garner public support against the possibility of such investment. To do so they rely on Daphne Greentree who is their neighbour, and is employed by No Mines For Me, an activist organisation in Western Australia. They are impressed by Daphne’s journalistic instincts and networks and have been having frank conversations with her about the company’s plans and disagreements. Daphne has used her networks to get three articles published in local newspapers about the company’s plans for attracting Chinese capital which has stimulated significant public disquiet. Chris has warned Bruce and Roddy that they will be dismissed as directors if they keep up their attempts to oppose the initiatives of the company’s board of directors.
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