Corporate Update: acquisitions of Helix Accelerator and Sanrio Digital; Q1 capital raise, page-25

How are we supposed to concentrate on an AGM that has not been scheduled? As others have pointed out, we are all still awaiting the 2020 AGM.

The last update regarding the 2020 AGM was on 21st August 2020: Delay to AGM and financial reporting. This update stated that:

"The Company will continue to work closely with its auditor to ensure the audit is completed at the earliest possible time, and will update shareholders as soon as possible." (emphasis added)

Taking the wording at face value can be a dangerous investment mistake. Most reasonable people would read the words "earliest possible time" and "as soon as possible", and then assume that the 2020 AGM does not appear to be too far away - possibly before the end of 2020, one might have thought back in August. Yet, we are now in the middle of 2021 and there have been no further updates about the delay. This tells me that management communications cannot be relied upon.

The 2020 AGM cannot take place until the 2019 annual audit process is completed. Therefore, is it not apparent that, at best, it will be several months before an AGM is held?

As you admit, you are a lazy investor. Consequently, you have assumed that the 2021 AGM is "on the horizon", because the recent announcement used the phrase "such approval will be sought by the Company at the next Annual General Meeting expected to be held as soon as practicable". (emphasis added)

If you were familiar with the Corporations Act 2001, you would realise that Animoca have simply replicated the exact wording from this Act. Disclosing entities carry continuous reporting obligations, which arise when certain material events occur in relation to the company’s operation or financial position. The information that must be disclosed is that which is likely to affect the price or value of the entity’s securities. As a general rule, unlisted disclosing entities must disclose the information “as soon as practicable”.

Interesting that you mention the Quidd acquisition, which already has some Hello Kitty licenses.