Hi all, just looking for anyone who can offer some legal advice or even potentially providing legal (or any other form of) assistance if one thinks there is a case to argue for here. The bounty here is 10 million PSY shares at price of $0.003 for a total cost of $30k. This event is dated right back to Oct/Nov last year, the reason I have left it for so long was because initially I decided to move on from all of this, didnt think I have much chance of getting the shares myself, had a baby and didnt want to get dragged into massive legal bills. but after talking to a friend this week who encouraged me to have another go by potentially splitting any proceeds on success (of course that means I dont want to commit any costs upfront), so if I have nothing to lose, there is no harm for trying.
I will block all the email address & full names of the company contacts for now, but they are available on request if someone is genuine in trying to help me out.
Starting 31 Oct 2013:
Sent: Thursday, 31 October 2013 9:44 AM
Subject: Rights Issue Shortfall Investment
Importance: High
Hi xxxxxxx,
Sorry to bother you but are you still taking interests for RI shortfall placement?
I would like to invest $30k if you are seeking any interests & payment can be made fairly quickly.
Many thanks & look forward to hearing from you.
RegardsMichael
.........................
Subject: RE: Rights Issue Shortfall Investment
Date: Fri, 1 Nov 2013 14:12:53 +1100
From: xxxxxxxxxxxxxxx
CC: xxxxxxxxxxxxxxx
Afternoon Michael,
I have passed your enquiry onto the directors.
Can you please confirm your shareholder details?
In regards to facilitating your proposed investment, we suggest the following:
Your offer to acquire $30k worth of stock would be processed through a sub-underwriting agreement;
The directors and underwriter would require you to agree to a voluntary escrow period being the earlier of 3 months from the date of issue or the share price reaching 1.5c per share ;
If you agree to these basic parameters, then the directors will consider your offer as a firm commitment for the $30,000 of the balance placement shortfall, and will therefore put that stock (10,000,000 shares) aside for you in the next tranche.
We anticipate the next tranche to be finalised in circa 4 weeks.
I await your reply.
xxxxxxxxxxx
..........................
To: xxxxxxxxxxxxxxxxxxx
CC: xxxxxxxxxxxxxxxxxxxx
Subject: RE: Rights Issue Shortfall Investment
Date: Mon, 11 Nov 2013 10:47:23 +1300
Hi xxxxxxx,
I dont really mind the escrow period as I tend to hold for higher prices when taking up placement with my current broker while many others I know of will exit on the first sight of Appendix 3B.
so Im more than happy to agree to the terms, but could I have a chat with you first re what is to come for this company. I have gone over the presentation several times now, but it is still little hard to appreciate the potential size of market for MEMS.
Many thanks
Regards
Michael
..........................................
We had a chat on the phone soon after on the same day (before market opened from memory), I was very happy with the future potential he presented, so we agreed to everything. and the instructions were I would get a form in the afternoon and just make payment as per instructions on the form.
Then price started moving in the afternoon, closing around 1c from memory? I thought, to be fair to the company, I even offerred better escrow terms for the company if they wanted.
anyway, price went crazy in the next two days, and so my misery started......the contact who seemed always there for me before any of wider market had interests in his company became unreachable all of sudden. always seemed to be on holiday......
this is only part 1
part 2 is after a month of chasing around, they specifically spelt out given my special circumstances, they
WILL offer me part of subsequent placement, which was a blended offer they were considering at the time. again they bailed on me. I wont put it here now but again available on request.
I repeat, all I want is a pragmatic solution to the whole drama. I am in no way trying to shed any positive/negative light on the company or company representatives, so please save the abuses.
Only doing this as I think iv got nothing to lose anyway, so if you can help, great, Im happy to split proceeds half half or even more (case by case senario). Get in touch with me if you do.
Many thanks in advance.
