I do apologise to you because the public domain releases by rim are unclear. They don’t actually say why they terminated and how the change of control occurred. You’ll need to pour through the Supreme Court case to see the details to understand.
this is typical of the backdrop with rim that I’ve been so critical of. They don’t explains things that should be explained to shareholders.
indeed the reference to the court case itself is confusing too with regards to the termination.
Giovinazzo formed GPR with a supermarket worker Tarina Pendergast who he installed as director. She had no qualifications or experience. They both had shares in GPR (5 each)
Billis refused to fund GPR without having control, so Giovinazzo had Pendergast issue Billis 99% of GPR (990 shares). Giovinazzo also transferred his 5 shares to Pendergast. You could buy the asic records for 30 dollars or something yourself and see all the exact dates too if you want.
there was a lot of focus in the case on that share issue
the fifield earn in had been formalised just prior to the share issue to Billis, so it is clear there was a prima facie change of control at this point.
the share issue Giovinazzo made to himself was never completed legally because he wasn’t a director at that time. The asic register showed the issue but it was not correct abd no share issue had actually occurred. And no control change.
if you buy the asic register today it shows no share issue to Giovinazzo. That’s because the issue never occurred.
this is simply a legal fact. You can check or verify yourself but I assure you it’s quite certain
Im unsure why Avondale was terminated at all because it was formed after the 2020 change of control. Im afraid I can shed no light on that
i hope you can see why I’ve been so strong in my views abd commentary
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