Australia's largest stock trading and investment forum Australia's #1 stock forum

FDM

0.00%

1.1¢ freedom oil and gas ltd

Ann: Trading Halt, page-25

First 25 Last

Share
Profile

Follow
ajs510

131 Posts.

5

03/08/18

03:40

Post #: 34699472
Share

Originally posted by Razzo ↑

In Dec 2017, they raised at 20c with a comparable pre-offering share price. And now suddenly a placement at 15c. Percentage-wise this is a huge difference and very disappointing.

What a bad deal for current shareholders. They have had plenty of time to prepare a rights issue while everybody was sitting around for months and waiting for the drilling results to come in.

Morgan has two seats on the board and as long as this is the case, they will be milking this cow and continuing to raise money and charge 5% every time. With two seats on the board, they don't even have to compete for the business and can just pocket $1 million for a couple of days work.

Unless the Clarkes leave the board, this will be an endless story of dilutions for existing holders.

Also, why two seats on the board? How does the company even remotely benefit from having two people with the same skillset (from the same bank which is making millions every year from these placements)? You need diverse skills and industry expertise. And from a corporate governance perspective you need an arm's length principle so that the board members are looking after the interests of the shareholders - and not their own.

Expand

Whilst I am not happy (f$%^ing furious) about this, I do not understand your logic.

The Clarke s will halve their holdings value to make Morgan and Stanley $1 million?

How does that make sense?

I would like to give the entire board a serve and really would love for ASIC to investigate this fully as it stinks!

FDM Price at posting: 20.5¢ Sentiment: None Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

M4M

Macro and Norden set up transport solutions initiative for West Pilbara

TLG

Talga Group wins key permit for flagship graphite mine in Sweden

SWP

Swoop lobs $18M offer at microcap telecom Vonex – in which it holds 19.9%

TLX

Telix Pharmaceuticals' quarterly revenue exceeds AU$200M

THB

Thunderbird picks up plethora of uranium targets based on EM survey in Canada

TYP

Tryptamine psilocin treatment found safe in IV infusion during early stage trial

ASX Market Open: ASX set for red Friday after flat night in Wall Street | 18 Oct

YAL

Yancoal Australia reports strong Q3 financials

SGR

Thousands eye Star on HotCopper, SkyCity in strife – are ASX casino stocks safe anymore?