OPEN LETTER TO DYAMOND
Dear Dyamond,
It would appear that you are lurking and eavesdropping in the hope of curating and improving sentiment on social media in the hoped of getting a fat lump sum if you can get the SP up to 2.7 cents. However, your appointment is the last in a long line of shenanigans. I would like you to give me good reason why I should not file complaints about the conduct of WFL to ASIC and the ASX.
I would like to share and compare our experiences. You have been engaged because "Wellfully anticipates that turning around sentiment on social and business media forums could have a positive impact on the Company". But at what expense and dilution to existing shareholders? It seems like the last despairing roll of the dice by totally inept management who have tried to act like a grand multinational behemoth when they have close to zero fund in the bank. My experience is that I have 500,000 shares purchased over time, which cost me $140,000. The notion that you get 10 times that number, simply for signing on to attempt to paint lipstick on the pig, really sticks in my craw. And another 5 million shares for getting the SP up to 2.7 cents by the end of the month, and it doesn't even say how long for! Just wow! And a further 10 million options to buy at 2.2 cents. Just amazingly generous, and for what?????
Here is my experience. I partook of a CR earlier this year, and "invested" $15,000 at 5 cents. Not a loan to the company. Just throwing good money after bad as it happened. NO ATTACHING OPTIONS. Lucky if I can get back $6,000. Now let's compare my experience with that of the directors, who also helped provide the company with funding shortly after.
The directors LENT money to the company, charging establishment fees, high and increasing interest rates over time, and got their money back. Paul Peos wants shares AND OPTIONS instead of payment of his loan, I believe. But whereas I paid 5 cents a share with no options, PP got interest on his loan, and converts his loan plus interest into shares at just 2.2 cents with FREE ATTACHING OPTIONS exercisable at 3.3 cents. Please correct me if I have misunderstood anything and portrayed it incorrectly.
Note also that the attempt to grab free options as part of the repayment is NOT EVEN MENTIONED in this recent announcement"
"The loans noted under items a) and c) were subsequently repaid in October 2022. The
loan noted under b) from Mr Peros is being converted into ordinary shares subject to
shareholder approval at the 25 November 2022 Annual General Meeting (being part of
Resolution 6)."
As far as I am concerned, in my opinion and in the opinion of many others, this company is not being run in the interests of shareholders. It has been run by smoke and mirrors for far too long. The ethics of the directors are simply shocking. As stated, please give me good reasons why I should not express my concerns that the company is not being run in shareholders' interests to the ASX and ASIC.
I wish I didn't have to spend my Saturday morning this way. I invite you to try and improve my sentiment. Perhaps you might convey to SS and PP just how monumentally ripped off and angry Shareholders are, having invested in a company with exciting technology which promised so much but has delivered so little and is now at $0.001 before consolidation, down from above 10 cents in 2014, a share price decrease of 99 percent.
Yours sincerely
Arthur Galletly
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