with respect to posters here, it seems to me that some of the posts above are simply incorrect.
We need to look at the facts BEFORE we vote. You can change your vote any time up to 24 June.
as posted above:
"...Resolutions 1 to 5, are basically tied to the CR we had to have...otherwise we would be broke and out of the ASX.
Incorrect - IXR has already issued those shares - so ALREADY has those funds. If we do not approve the issue of these shares and Options, then all it does is reduce that 15% capacity limit.
Resolution 6 is SELLING shares to Lynch to raise $500,000, of which the company is counting on.
yep - so what? If Mr Lynch was prepared to pay 1.5c (I think) for shares when he joined IXR, why would he not pay same or more now?? IXR operations are far more advanced now, than they were back when he joined.
Resolution 7 is gifting options that aren't in the money and will cost 2c to exercise, when its cheaper to buy A class shares on market like the rest of us for 1.2c. If I was Lynch I would give them back....
Again, incorrect. The granting of the Options is a "gift". Because they are at no cost now - and has no requirement for the Option holder to exercise those options in the future. So it is a gift. Being able to buy shares now at 1.2c has no relationship to an option which expires in 4 yrs time. None.
Why would anyone in their right mind "give them back"??
Resolution 8- Final payment for the earn in at Makuutu.
So, in a nutshell, we paid for Makuutu, paid for the CR, and screwed Lynch for another $500k....
Mr Lynch did not "get screwed". He got a great deal, as did all the other select few who participated in this CR.
People are ignoring the issues that the vast majority of s/h have - and thats not the fact that IXR did a CR - it's because:
- it did it on way too generous terms
- it did it only for a very select group of investors, and ignored the bulk of shareholders.
It could have done the Placement alongside a R/I or a SPP to give everyone a chance to participate.
It could have got a pre-commitment from those select investors to participate.
Remember, IXR SP last price prior to announcement of CR was 1.8c! The shares were issued at such a big discount at 1.3c. Why?
And WHY strike an exercise price of a mere 2c in 4 yrs time when the shares were trading at 1.8c at the time of the CR ???
What IXR it did was to lose credibility.
IXR will need the support of all its s/h at some point. It is going to have to work hard to regain that trust.
IXR Price at posting:
1.1¢ Sentiment: None Disclosure: Held
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