Good morning,
I am happy to provide feedback to some topics that have been continually raised/discussed in the forum, so all good
@bullofwallstreet.
Questions about the Indicative DatesThe Indicative dates in the recent Prospectus, are a necessary inclusion and requirement for a company when undertaking any compliance-related activities which have proposed time elements or gazetted dates. These Indicative dates include best estimates, based on the current progress of activities, regulatory body discussions/approvals and gazetted activities.
CGB is not a static business, it is not a company with simply an asset waiting to be developed, but operating businesses and numerous partnerships that are continually moving forward, and therefore exact dates for completion of material sensitive documentation, particularly documentation that relies on third-party involvement, can not be guaranteed in advance.
The 2nd and 3rd of July were gazetted dates and were completed as detailed in the Prospectus. The 4th and 10th of July were true and best date estimates, based on the proposed expected conclusion of re-compliance activities at the time of the prospectus.
What are some things that can cause time delays or extend the requotation to market?Factors that cause extensions, also include time elements, such as correspondence, discussions with the regulatory bodies, approvals, meeting schedules, processing of allocations, assignment of shares, documentation requiring up to date third party input and signatures, changes in paperwork detail due to any updates to the status of ongoing businesses, and the release of announcements.
Why did the company release all those Supplementary prospectuses? Were there 16 different Prospectuses?The re-compliance of activities for Cann Global to change from a Mining and Exploration company with a Medical Cannabis interest to a Medical Cannabis and All Foods Corporate with 3 Divisions, 2 fully vertically integrated businesses, 12 subsidiaries, and a mining interest was a highly complex and very technical undertaking by the company requiring the best legal corporate minds to achieve what has now been a positive outcome.
It took 12 months, thousands of pages of documentation, and hundreds of man hours to complete this mammoth task. Every time a detail changed in any of the businesses required new paperwork to be prepared, and on occasion such updates also required supplementary prospectuses to be lodged under the requirements of the Corporations Act.
The Supplementary Prospectuses were simply a series of Technical Notices required by the ASIC and the ASX to ensure the continuance of the re-compliance process designed to inform the market of any new deals, minor changes in inclusions and most importantly, these were a requirement dealing with time-related activities as a progression through each approval stage to ensure a continuance of process.
There were only 2 Prospectuses.
The original Prospectus from 2018 with its Technical Supplementary support notices, and the recently updated June 2019 Replacement Prospectus.
Are we going to release a Quarterly?Yes. It will be released as part of this final relisting process.
RelistingThe Company is confident that the paperwork is now almost finalised, and the Company continues to work closely with the ASX in finalising all the required listing documentation and will update the market as soon as a date for relisting is set with the ASX.
Thanks,
CGBrep
