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11.5¢ valence industries limited

Thanks - it will be interesting to see if SER can get any...

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zog

3,051 Posts.

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19/12/17

17:28

Post #: 29746976
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Originally posted by shaftoe ↑

I’ll try and respond in more detail later, but the meeting was more a formality. The questionable process of issuing shares for consulting fees made existing holders the minority in all but the votes on resolution 1 and 8.

Both were voted down. The board will be spilled in 3M. The shares that gave the majority to pass 2..7 will not be issued by resolution 8. But it was too late as they had essentially voted in all of the dilution.

I suspect there may we’ll be a few legal processes in motion. The directors all owned companies hidden behind a trust that directly benefited from their votes on 2..7.

Be careful who you seek finance from. This was a raid.

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Thanks - it will be interesting to see if SER can get any leverage over directors duties as set out in the Corporations Act.

VXL Price at posting: 11.5¢ Sentiment: Sell Disclosure: Held
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