a warning to us all

A warning from Paloma1 on the gxn thread and before you have a go at me look at the names at the bottom of the 1/4ly:

Couple of points to note from reading the 249D notice of meeting:
In one of the letters from the proposed directors they requested the company to ask for the 249D meeting proxies to be sent to Advanced Share Registry instead of the company.
So now we have to email or fax our proxies to Advanced Share Registry for the 249D meeting. I think this is a good move that could facilitate that all votes are counted correctly.
Maybe voting decision still in clouds for many people, but in my case I have done a simple analysis:
• share value has dropped from around $0.42 cents to recently lowest possible value of $0.001
• In December 2012, less than 5 months ago, the total number of company shares was 560 million.
• For the past 4 months the company has issued more that 300 million shares, that is in less than four months that the company issued more than 50% of the number of shares the company had in its lifetime. Question, where is the money and how much is left?
• Although the company issued an additional 50% of the share capital in the past four months, they are now proposing to issue additional 1.5 billion shares, which is 4 times the shares the company had back in December 2012, “Just four months ago”. What are they doing tour investment?
• The company continues to dilute our investment at a very large scale and this cannot continue.
Do your own reading and make sure you make the right decision, but I am quite sure any unhappy shareholder will:
Vote “against” all resolution in the general meeting for the 17th May
Vote “FOR” or in favor of all the resolutions at the s249D meeting for the 22nd May
Make sure that your proxies are correct, so there is no chance of invalidating votes
Proxies for the 17th May meeting need to go to the company
Proxies for the 249D meeting need to go to Advance Share Registry
Email your proxies to the company and to Advanced Share Registry as mentioned above and then call the company or Advanced Share Registry to confirm your votes were received and that they are correct, with that minimizing any invalidity of votes. Better still, email and request an email back confirming receipt and that the votes are valid, that will be simpler for everyone and guarantees your vote could be counted.
If you are going to vote for the much needed changes appointing new directors, I suggest that as an alternative to appointing the company Chairman as your proxy, that you may appoint one of the proposed directors as your proxy, to represent your interest at the meeting. For that you may need to send copy of your proxy to the proposed directors to make them aware. I do not have all the details of the new directors, but I think from the letters they wrote we can find their contact numbers and/or their email addresses.

Anyway, I wrote the above to take a bit of the anger out of my chest, and share my dissatisfaction with current Board.

As always say, DYOR and do not let this opportunity go to waste.

PG