Ann: Notice of Annual General Meeting/Proxy Form, page-15

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Egeria

817 Posts.

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23/10/19

17:14

Post #: 41035697
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Originally posted by PinkBunnyRabbit ↑

This clearly is difficult for you to process so I will break it down for you in very simple language.

If we raised AUD 21.5 million at:

6 cents we issue 358,333,333 new shares

10 cents we issue 215,000,000 new shares

Just so you are clear - 215,000,000 new shares is less than 358,333,333 shares.

So at 10 cents we would have less dilution, something I was recommending the board do.

If we had raised money before PLS.ASX raised money all shareholders would have been better off.

So we do not have an operation producing enough cash to stay afloat without doing a capital raise of AUD 21,500,000 and you believe now is the time to be raising more money to go after new opportunities.

Until the company is operating cash flow positive we should not be going after any new opportunities in my opinion.

I find it insane that you would be as a shareholder recommending the board dilute us a further 10% to go pursue some random opportunity. AJM has not stated what they would like to spend this 10% on. Maybe it is on the China processing facility. I know that would make me extremely uncomfortable as a shareholder.

Ironically it was only after A40 went into administration that shareholders came to the opinion the board and managing director had been overpaid. My view is now is the time to be conservative and reduce compensation to get the company into a stronger financial position.

In my opinion this is in the best interests of shareholders.

Good luck to shareholders, make your voice heard,
Pink.

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Ahhh the beauty of hindsight. Had they raised at 10c and the share price was now 16c, you'd be whinging they should have waited. Crystal ball stuff.

AJM Price at posting: 5.8¢ Sentiment: Hold Disclosure: Not Held
14 Upvote

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