directors resigning, page-4

Surandy,

Well most of us who did read the original prospectus failed to understand much of the meaning ... a good example I found today* is:

"ASIC has granted relief under section 741 of the Act, by way of a modification of section 708A(11) of the Act, to enable holders of Shares issued on the conversion of Converting Notes to sell those Shares (which will be listed on the ASX) within 12 months after their issue, without issuing a separate disclosure document under the Act"

Which basically states that the people who received approximately 33 million shares from Convertible notes, at effectively 90 cents a share, instead of the $1.50 the rest of us mugs paid in the float, were free to sell these shares at any time without disclosure ... and left us wondering why the share price had fallen 20% on the day of the float!


*Section 13.19 on p165 of Prospectus