Write and complain. The investor email address is on the moneyme website: investors at moneyme dot com dot au. FWIW below is my email.
Please raise my concerns with the Board.
As an investor in Money Me, I was shocked and disappointed to see the way that the capital raising, announced today, was handled.
Puttin gaside the recent rejection of media speculation and then about-face, the capital raising has been conducted at an enormous discount causing massive dilution to existing investors, while favouring institutions and directors. An afterthought $1.2M SPP for existing shareholders is insulting.
While I understand that the need to raise capital quickly and with certainty can when required be met by institutional placements, the present arrangement is unfair and discriminatory.Why should directors have an opportunity to participate ahead of other shareholders?To my mind, the company has not disclosed any pressing need for capital to be raised in this way. The timing of the capital raising is awful – why not allow a good result to speak for itself and for the share price to rise before going to the market?
I would strongly urge you to reconsider the mode of capital raising, so that existing shareholders can participate in a meaningful way, and so that directors do not profit from their position. In the absence of an alternative proposal, it seems likely that the directors have breached their Corporations Act duties, and the affairs of the company have been conducted in a manner oppressive to retail shareholders.
I would appreciate a considered response to the concerns I have raised.
