calling for egm or some at least some update, page-11

Below is my online compaint to ASIC.
Suggest that everyone does the same.


"Valad Property Group (ASX code VPG) advised on the 23rd January that there was a proposed debt for equity swap that would see a director (Kevin McCabe) receive funds at a yet to be agreed price that would see his holdings increase to 19.9% (from ~3%).

Since this conflict of interest arose no market update has been given on asset sales despite numerous press articles indicating material sales. It is obvious that failure by management to announce material sales has materially affected the share price, reducing the price that the current director Kevin McCabe will have to pay for his private placement.

Most recently rumours are flying around that a capital raising is being undertaken further impacting the share price with all recent placements done at a discount to the current share price.

http://www.businessspectator.com.au/bs.nsf/Article/BREAKFAST-DEALS-Gloucesters-passage-to-India-pd20090513-RYTDG?OpenDocument

http://business.smh.com.au/business/looks-like-valad-will-be-the-next-one-in-the-queue-20090512-b1vm.html

In my experience there is a blatant conflict of interest here and Valad need to provide the market with a full update as to current affairs immediately.

Yours Sincerely

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