Tyremen,
Iyt happens that I agree with most of your comments but there are two of them, as below that I am a little sceptical about it.:
""* The Australian corporate world is suspicious and cautious with Chinese partnerships - Who is Wise anyway? Many Chinese partners tend to operate under a different set of corporate rules and want to screw their JV partners to gain advantage. This separation should open more opportunity for funding.""
Let's say that we are able to get rid of Wise, haven't we sill got Chinese on the Board and with large shareholdings in the Company and which holding would have an influence on us and on what we can do.??
""* This capital raise is fully underwritten""
Yes, it is underwritten but, by whom and under what conditions. That is the major concern of mine.
Have you read in it's entirety what's written, and implied therein, in clause 5.4 in regard to Patterson and it's underwriting conditions before they will fork out that money and under which terms.??
As for the rest of your comments about our Management and Board having lost a lot of credibility with investors, I will have to agree with you 100%.
Yes, there is no doubts whatsoever that, as you rightly pointed out, that our sp and us shareholders have been hammered in more than one way and IMHO they will have to do many many triple backwards somersaults trying to get back on course and be able to regain the credibility that they have lost along the way.
After all, we went from being the envy of other companies with a small amounts of shares on issue and with a very good share price (I.e. Close to two dollars per share at times) to many multiples of that amount of shares on issue, and with a share price or around 4 and 5 cents.
And don't forget that that share printing press hasn't finished it's job as yet either.
And then, as you have once again pointed out, we are relaying on those options to be exercised in 180 days so that we can get rid of Wise.
Will they be bale to get the sp high enough to entice the investors to exercise their options.??
And then, will Wise be happy to accept what we have on offer for them and move on, or will we have to go legal.?? If we have to go Legal, God help us. The Lawyers will have a field day with their fees ("Notice what it cost us last time we had deals with them"), and possibly drag us down to the point of no return.
As for the prospect of paying dividends, well mate, like you I think that they'd better put any excess funds into doing a share buy-back in order to reduce the amount of shares on issue. Unless of course it is just a dangling carrot affair.
Finally, I still haven't got a reply from a couple of posters in regard to what they plan to do.
Cheers to all.
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