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darcy7

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29/12/14

14:35

Post #: 14514784
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Originally posted by badeye123 ↑

Another thing that was of interest was the last proposed resolution for the 14th Jan 2014 Annual General Meeting;

Resolution 8 - Approval of the Board to undertake commercial reviews with Contracted Partners who have not delivered either the Service or Product under contract. To consider and, if thought fit, to pass the following as ordinary resolution: "That approval is given to the Board to review all contracts with Partners and their delivery of services or products specified under contract. Where Partners have not delivered the services or products as required, the Board is to take whatever measures it sees fit to cancel the shares allotted or make other arrangements to compensate for the lack of commercial outcome".

I will of course be voting against the above resolution because as I received my shareholding from owning GCN many years ago, having bought into GCN for the sole purpose of gaining these said free PON shares. There is a definite risk that the above resolution will give the power to PON to cancel my shares (if that is indeed possible?) as I have no confidence that GCN has actually delivered the service or product that they signed up to.

This would obviously affect all GCN holders of PON shares and would surely pose a risk?

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Just for your Info they can not cancel any shareholders shares ,that is totally different to companies
that have been given shares and have not completed their end of the said agreement,that is called non
performance ,so whatever shares you have after consolidation is what you have .

GCN Price at posting: 0.7¢ Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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