The need to have money in the bank because of ASX wishes, as the reason they went offshore doesn't ring true. Major shareholders would have funded with such a sweet heart options deal. From my understanding there were no phone calls made to existing large shareholders.
In short there are three options as to why this has been done;
1) the results are poor and they feel guilty of having us pony up again
2) the new shareholder brings added value to the party, unlikely from info so far
3) payback/sweet heart deal for the investor.
Neither 1) or 3) has a nice taste.
Unfortunately because of the lack of explanation/communication I believe all existing shareholders have no option but to vote no for 2nd and 3rd option issues at the November meeting. I certainly will be unless the company makes additional statements and personally calls the top 50 shareholders as to why this special issue makes sense.
A very disappointing turn of events.
IVX Price at posting:
1.5¢ Sentiment: None Disclosure: Held
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