Guys, truthfully, have a look at the prospectus and vendor payment section.
Look at this:
Pursuant to the Tri-Surv Acquisition Agreement, Neptune was required to pay the Tri-Surv
Vendors three deferred payment amounts (comprising both cash and Shares), in
consideration for the Tri-Surv Pty Ltd shares. The first deferred payment was due on 15
August 2008 (which has been satisfied by the Company), the second was due on 15 August
2009 (which has been satisfied by the Company) and the third was due on 15 August 2010
(which has not been satisfied) (Third Deferred Payment).
Surely Neptune should have made shareholders aware of this fact on 15 Aug 10 and quite truthfully they are in breach of ASX disclosure laws. If anyone wants a class action I think they now have the ammunition. Regardless they came to an agreement this is information that should have been advised to the market. No wonder NAB and the lead managers were so tuff with Neptune and now I understand why the CFO left, because he saw all this coming.
My god I cannot believe any of this. How were they allowed to get away with it.
I am though changing my sentiment to a Buy because I like the restructure plan and think it will work.
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- seriously have a look at vendor payments secti
seriously have a look at vendor payments secti
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