Ann: Appendix 3B - Part Conversion of Convertible Security, page-45

A great post; thanks!

And yet, somehow the board of XPE released an announcement saying the CN was at a premium. A few posters here went along with it too.

Imo, the announcement seems very misleading or perhaps the board didn't have the ability to understand the CN could be at a discount.

In one of my earlier posts, I highlighted Cameron Low's Corporate Advisory company was incorporated on the same day as the Prospectus was released. The Prospectus, one would assume given his role as Corporate Advisor, containing his advice.

At the time, I highlighted the poor Corporate Governance with regards to Risk Management. Again, some posters sought to dismiss my claim by saying business is often conducted on a handshake deal.

Back in the day, when I was giving Professional Advice, my clients needed details of my Professional Indemnity Insurance to cover legal action/losses if my advice was proven to have Professional Negligence [a complex way of saying, if I made a mistake]. So if "handshake" deals were done, was Professional Indemnity included in the deal?

Who won and who lost with the CN:
1. The CN holder has made money; without question
2. The Corporate Advisor/s were paid fees and received XPE securities
3. Many SH have either realised a loss or are currently sitting on unrealised losses.

The questions which need to be asked of/answered by the BoD of XPE:
1. Why was the CN announcement framed as a "premium"?
2. Was the advice from the Corporate Advisor aligned with the announcement? That is, did the Corporate Advisor agree or put forth the notion of a CN at a premium?
3. Did the BoD ensure adequate Professional Indemnity Insurance coverage from each entity offering Professional Advice?

Side note: There may be an EGM soon. Interesting timing.

All imo and honest questions.