Vince,
In my view an explanation is required, the second tranche was due to payed "conditions precedent" plus 5 business days. Conditions precedent were met at the egm on 8th July with acceptance of the deal by shareholders hence second payment was due on or about the 15th July which as we know did not happen.
The next reference to the second tranche was in the quarterly "Receipt of second tranche anticipated shortly" without explanation and some 2 weeks after the second tranche was to be paid.We are now 4 weeks down the track from the documented payment date and have no explanation as to the reason for the delay. Then on the 16th and 19th August we have sp price rise of around 12% on above average volume with no explanation !!
I do not accept that these 2 days of greater than 10% upward movement can be tied back to the quarterly announcement, perhaps it was just a pump and dump, however it is my view the company should be asked the question and they should also be providing shareholders with an explanation regarding the second tranche funding.
The company had $730k as at 30 June with a projected spend of $5.5mill for the current quarter which we are now half way through !! The only beneficiaries of this company over the past few years in my view have been the management, directors and those "workers" still employed.
DYOR My thoughts and ramblings only
Add to My Watchlist
What is My Watchlist?
