I will attempt to assist....See all supporting info attached, as per Company Announcements. The information - is all in black and white. You can all decide if there is a related OR direct interest on Tom Young's part. Or if there is indeed justifiable human error in operations based on all the information (I stress)
as announced to date by the company.
In short;
The ASX has queried the 31st May issue of 75m advisory / professional services shares which were issued at no cost. On 27/5; TV2 announces it has completed an oversubscribed placement to Soph's. Followed by the 31st May Ann at 2.55pm advising of the 75m placement to which we later find out were in fact issued to ECP. In actual fact, the trade action started just before the Soph announcement on the 27/5. Between the 24/5 and the 31/5 an enormous 440m shares (ASX alone) were traded from a low of 3.1c to an all time high of 7.2c during intraday trading on the 31/5 before being smashed down to close at 4.6c. The very next day - 1/6, all started to go pear shaped. Ever since, well the SP has plummeted to where it is now and the rest is now the subject of scrutiny IMO. I have considered the following;
A) Tom Young is "Managing Director"of ECP Capital.
B) He is also "Advisor" or "Corporate Communications Officer" of TV2 - take your pick.
C) 75m, free, ordinary shares issued to ECP Capital for professional services rendered of which he holds a direct or related party interest between companies.
D) Mr. Young even signs off on placement announcement from TV2, (not sure if he has signed off since).
E) Note resolution 7, section 8.2 (d). Black and white - "not a related party"
F) Note point 7 - "Operating and Financial Review (CONT)" - in particular last paragraph at bottom of page. Discloses ECP as recipient of the 75m placement issue.
So the question is - were the recipients of these shares a direct or related party of the company ? I will let the facts answer that.
Further;
G) Stock closes at 1.5c on Friday 21/10 on 3m trade volume.
H) TH requested by company, pre open Mon 24/10
I) 26/10 at 10.06am - company releases Ann regarding Indonesian $3.5m deal ! Shares trade from previous close of 1.5c to open at 1.9c and achieve an intraday high of 2.3c; of which 36.4m shares were traded (ASX only) and sold down to close at 1.9c.
G) 26/10 - Same day !! After market Ann at 5.51pm stating a placement issue of 43m shares to undisclosed recipient AND that they "
may be subject to a subsequent offer for sale" Also, note the last paragraph - "
There is no excluded information". Non disclosure of recipient and then reference made that the shares may be subject to sale ? So, were the shares issued and were they "possibly sold" before the market was advised on the same day that the TH was lifted with the Indo deal in the morning - why didn't they release both Ann's at the same time ? Not a good look.....and very similar to the activity earlier in the year with the 75m placement.
H) 27/10 at 8.26am, ANOTHER pre open Ann stating another deal with a Dutch Healthcare provider. Market opens at 2c, reaches an intraday high of 2.1c then is sold down to close at 1.6c on 27.7m volume (ASX only).
I) Total volume traded over these two days on ASX alone is approx 64.1m shares.....20m more than the placement issue which provided plenty of liquidity to trade out if indeed they did. These volumes don't even include Chi-X.
J) Friday 28/10, last official day of trade of which job seems done with only 6m shares traded and the SP steady at 1.6-1.7c.
K) Another TH request on Monday 31/10 at 9.37am.
L) 1/11 - ASX steps in and queries company activities; thereafter not satisfied with the provided company response and suspend the company from trading for defects in disclosure / non compliance.
M) 10/11 - TV2 issue an Ann which further explains point (L) - stating, "
Purported excluded information at the time of release".
J) point (M) above comes after the company stated previously (26/10 Ann) that there "
is no excluded information".
Still in suspension awaiting judgement at Fed Court. The evidence must be very interesting - considering all of the above IS BASED ON COMPANY ANNOUNCEMENTS TO THE MARKET and actual trade activity.
Thank you
@taincrow for your reply and information as heard at the AGM - I figured as much.
Cheers.
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