If the company was not a "NL" company they would have had to pay for the shares long ago. They signed agreements to pay a certain amount for shares within ten years and made a partial payment. As long as APG is a "NL" company they can't be forced to pay for the shares. They are treating them as "options" which was not the original intent. If the plant was finished and the company had income they would not be a "NL" registered company and the shares would have to be paid for. I have felt for several years that the millions involved was one reason the company has not gone forward with some of their plans. MT remains on the top 20 list by counting his partly paid shares. They should not be counted since he doesn't own them but they always are.
Look up the definition of "NL" for company registration and imagine what would happen if APG actually began producing something.
The only reason I still hold APG is because they are in a SMSF in pension phase and I get no deduction for my loss. Maybe someday I will recoup some of the loss but that may be a long way off.
Of course this is all just my opinion and may be far off the mark. It should be an interesting AGM this year.
APG Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
