I reported it to ASIC and they have been in touch already to hear my views and are investigating.
I explained that I wasn't happy that existing shareholders got 1/35 whilst institutional investors would get 20c and directors were giving themselves performance shares at 22c
If push comes to shove I will votes Yes because it's better than losing everything, but I sure as hell will be voting NO to issuing shares to directors (Motions 7, 8 and 9).
I encourage all holders to lodge a complaint with ASIC. ODN must submit the deal to them still and have it approved. The more shareholders that complain, the less likely ASIC will accept the deal.
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