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Agreed, hence the question.

IMO, the board and chairman need to go; it's not about 'punishment' it's about confidence (restoring it). This is our company after all, not theirs.

What concerns me is that by the time it becomes obvious to everyone that the status quo can't continue, it may be too late for shareholders to recover value.

No such thing as a 'passive shareholder,' post GFC

The usual approach of shareholders in this situation (myself included) is to simply sell up and move on, but what happens when company after company collapses under similar circumstances? When ASIC, ASX, and auditors are unable to keep up? What do investors do then? Why buy into yet another accident waiting to happen?

Board has not told all

I strongly suspect that the board has only revealed their failure to the extant that they must. Am I just cynical, or do others share this 'gut feeling'?

Their description of the mismanagement of our assets, as well as their comments regarding future prospects suggest (to me) a bad outcome if new leadership is not hired soon.

Reading between the lines, I believe the current plan is to stagger on another couple of years, hoping to stay one step ahead of creditors, until 'something' positive happens. But this approach only works when credit is 'easy' and investors are lazy/gullible. As for 'asset sales..'  that sounds fine, but I don't think these are the people to get the best price.

I hope other shareholders will respond to this. Sigma is a great company, and I believe prompt effort by shareholders will be well rewarded.