Let’s get this back on track. Reasons for the possible dumping this morning could be people offloading before the upcoming AGM.
I’ve cast my proxy vote, voted Yes to Resolutions 1-5 and No for Resolutions 6-8.
The key callouts of these resolutions are:
Resolution 2 – Disposal of SOAR coins. The directors want to sell a portion of their soar coins (27,385,026 or their 306,250,000) to pay for their ‘overdue wages’, dating back as far as 8 years in Alvin’s case. My take: The value of SOAR coins has increased considerably since the June agreement (valued at 1.6c back then). Their SOAR Coin asset is an investment – it has increased in value, so cashing a portion of this in doesn’t make the June agreement a worse deal. My only concern is that they use less SOAR and sell at the best possible price.
Resolution 3 – Issue of additional 10% off the issued capital This resolution goes into some detail, but I understand this to be a CR (Capital Raise). They want to issue approx. 2.2b x 10% = 220M shares at a VWAP price over the last 15 days (roughly at 0.007 which, based on these figures, will give them an additional $1.54M AUD). But will dilute our SP by 10%. My take: $1.54M could probably help the company a lot right now with the launch of the Exchange coming up in the next couple of Quarters, but I don’t like taking a hit on my SP. Focus on Market Capitalisation and the fundamentals, I still believe this company is primed to take off in 2018; a short term pain, long term gain IMO.
Resolution 4 – Approve Director: Mr Michael Wee I don’t know anything about this guy, other than what available in the AGM papers. I voted yes, he seems to bring marketing experience which I believe will help.
Resolution 5 – Adopt Long Term Incentive Plan This goes a bit into how the directors should receive incentives if they reach milestones. My take: This is a good driver to meet performance targets. All for this.
Resolution 6-8 – Issue 830M Shares to 3 x Directors This is not for overdue wages as per one of my original posts (apologies for any mis-guidance) This is, essentially, a Bonus for the Directors. My take: No Way. Give them a bonus once the Share Price is 10 times the current value at least = probably when the exchange is up and running – roughly Q2 2018 IMO. Even then, hopefully SOAR coin has increased in price, pay the Directors out of what is left from that, not hit the SH.
Cheers
MSN
BPG Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
