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

IHL

Click for more information

0.00%

4.1¢ incannex healthcare limited

General discussion, page-20292

First 20292 Last

Share
Profile

Follow
flanostu

597 Posts.

35

16/09/24

11:11

Post #: 75690374
Share

Originally posted by Damianache: ↑

It appears that Ashfield's calling for class action may have gained some steam. A number of interesting emails have been floating around. It looks like one of their Alignment brotherhood has secretly turned turncoat and realised the game is up. He may be whistleblowing against his former colleagues.

Looks like Joel and Troy's days are numbered.

The class action seems to be make the following accusations:

1. Was the APIRx purchase a purely fictitiouspurchase (it appears that many believe it was a deliberately hyper inflated price to allow "Voting Power" to be owned by the very people who control it now)? With the power of the vote they seemed to have managed to get points 2, 3, 4 and 5 underway.

2. The Redomicile - It appears that there was never any value to shareholders from this - it appears it was designed to allow escape from oversight in Australia by the ASX - is this true?

3. Joel/ Troy/ Peter have given themselves over 20% of the entire company share capital for free - The class action refers to this as financial advantage by deception.

4. The non-market salaries for such a low calibre team (a non-tertiary educated CEO), a small-time retail broker masquerading as a non-executive chairman and a mid-tier retail manager pretending to run a medical clinic. The millions of free shares, bonuses, salaries - pure greed and plundering. The class action refers to this as self-dealing for disproportionate gain.

5. Another big truth bomb here: There seem to have been lots of payments to consultants and related parties that seem to have not been disclosed - Alignment capital being a major beneficiary, looks like lots of free options from all the raises seem to have ended up in the pockets of a related party. There hasn't been many disclosures either? Perhaps the litany of former auditors will testify about what happened or perhaps the former Alignment employee turned whistleblower.

One question mentioned in the class action cokes that every shareholder might be wondering:

Where is the independent third party valuation for the purchase of APIRx?

This was the original event that allowed the plundering to continue - this should be requested from management immediately. Its likely going to have to be produced in court in the next few months anyway.

Most people are accusing Joel of doing all this corporate theft - however, the papers seem to suggest that the true architect of this deception was Troy - I'll let the courts decide.

Looks like the infighting between them has started and its now self-preservation -

All of this is IMHO DYOR and GLTA - Please don't shoot the messenger.

But - there is a class action docket circulating - shareholders who are interested should find out soon.

Expand

This has certainly got my attention. Still I'd be interested to know the finer details of the recent strategic financing deal with Arena Investors. Especially given Joel said some funds would be used for "other general corporate purposes". I'm sure Arena will know about any class action in due course

IHL Price at posting: 4.1¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

MKT

Gumtree to boost job ads sector with uWorkin partnership

ENR

Move over antimony: Encounter Resources unveils fresh raft of high-grade niobium hits

Rate cuts, assassination attempts, gold, oil, AI – what to watch in USA this week

AAI

Alcoa's cash boosted by US$1B on back of 25% JV sale to Saudi owner

FG1

Flynn finds multiple veins of gold through diamond drilling in Tasmania

There are more pages in this discussion • 18 more messages in this thread...

First 20292 Last

Add IHL (ASX) to my watchlist