I'd be looking a bit peeved if I had and interest in 5,355,000 shares (not including listed and unlisted options) (value at IPO $1,071,000 @ 20c a share) + $221,850 (in the Rights Issue (total $1,282,850) + getting my company to loan $5.5m to an entity that may well go into liquidation. Reputation would be in shreds; I can only assume that he was unaware of the dire circumstances of VXL (he is however is a Solicitor and Chartered Accountant and should be able to read the numbers). As a Solicitor/Chartered Accountant he should be well aware of the legal risks of trading whilst insolvent and will avoid this scenario.
Ian's resume on page 7 of the Annual report says:
"IAN PATTISON Independent Non-Executive Director (appointed 10 December 2014)
Experience and expertise Mr Pattison is currently director of Luminus Systems Limited and a director of Chimaera Capital Limited (CCL), an Australian based financial services company, and is a solicitor and Chartered Accountant with significant experience in capital markets having worked with Donaldson Lufkin Jenrette Inc. and Greenwich based Paloma Partners LLC.
Other current directorships of listed companies Nil.
Other directorships held in listed companies in the last three years Nil.
Interest in shares 5,355,000 Ordinary Shares held by entities in which Mr Pattison has a beneficial interest.
Interest in options 5,262,500 Listed Options exercisable at $0.25 expiring on 31 July 2016, held by entities in which Mr Pattison has a beneficial interest.
1,875,000 Unlisted Options exercisable at $0.25 expiring on 31 July 2016, held by entities in which Mr Pattison has a beneficial interest"
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