The new board of directors and company secretary of the Company recently undertook a review of the Company’s books and records during which it became apparent that the Company was required to disclose, by an Appendix 3B, the terms of convertible notes issued by the Company during the period from April to December 2015 (the “Convertible Notes”). The Appendix 3B in respect of the Convertible Notes was released by the Company on 26 October 2016.
Hmmm. Wonder who that would be!
Following release of the Appendix 3B, ASX advised the Company that Class B, Class C and Class D of the Convertible Notes (such Classes having the terms disclosed in the Appendix 3B) were issued contrary to the requirements of ASX Listing Rule 7.1.
And who was the "J Flegg Company Secretary"
You are starting to piece together why no Annual was released now!
The Company has exceeded its capacity to issue equity securities without security holder approval under Listing Rule 7.1 as a consequence of the issue of the Convertible Notes. The non-compliance with Listing Rule 7.1 is due to the Company’s failure to correctly calculate its Listing Rule 7.1 capacity at the time of completing the issue of the Convertible Notes.
The Company has provided ASX with an undertaking not to issue any equity securities without security holder approval until 26 October 2019, unless the issue comes within an exception in Listing Rule 7.2.
The Company is also ineligible at its next three upcoming Annual General Meetings (until 2019) to seek shareholder approval pursuant to Listing Rule 7.1A to issue securities under the additional 10% placement capacity.
So I wonder what has happened to the $140k that was stolen from CTR and given to IGS!
IGS Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
