An unholy Trinity: USD 125m < 10 mths to resolve....., page-547

A few pining to provide an alternative Jew point

1) Note holders acted before waiver date is just noise.
The note holders are also a major shareholder holding roughly 10% of equity as well as holding the debt. They are effectively choosing to sell their equity and call in the debt owed to them whilst AJM is in a trading halt. Do you really not think they have acted improperly here? Do you not think that there is even a hint of trading of inside information between holders and PLS?
The fact that note holder appointed receiver is telling- it shows clear intent to block AJM management form choosing their own receiver with just days to run on the waiver. So no, the execution of this move before the 31st October is not just noise.

2) I'm not able to comment, but whether they had or had not. They deserved the legal right to seek and execute this deal until the 31st October until the waiver lapsed.If they had not got a deal organised, it should have been released to the market and shares released form suspension allowing market and shareholders to digest the news. These are the rules of the ASX- not mine, not the note holders and not the BOD.

3) Australia super misused funds
I don't agree with this at all- they can invest and duvets at their discretion. However, have they been misled into investing into a deal developed on insider dealings? They would walk if there'd was even a hint of this.

AJM shareholders should be levelling their issues with ASIC, ASX and FSA. There appears to be breaches of rules on all three.

Some suggested that the speed of the move showed it was carefully planned and controlled. Sure, I agree with this to some extent as their is an element of planning and premeditation. However, the speed of the move was designed to cause shock and panic- both of which were achieved. As with many impactful decisions, the fall out is not immediately felt from a legal standpoint until the dust settles. This won't be sorted out in the next number of weeks or months- the note holders no doubt will try and drag it out and out, but shareholders need to stick together. If the law has been broken- they should be pursued relentlessly, and every penny of the damage they have caused recouped with interest. My advice to everyone is log the issue with ASIC and ASX. I have outlined hints of where the law has been broken in all of my posts:

1) lender confidentially
2) Waiver breach
3) breach of ASX rules for trading halt and suspensions by major shareholder