The Board finds the proposition put forward on behalf of M&A...

The Board finds the proposition put forward on behalf of M&A Advisory quite extraordinary, given that it was M&A Advisory itself that chose to send the M&A Letter to a subset of the Company’s shareholders only (rather than to have the Company send Mr. Purcell’s response to all shareholders as entitled under s203D of the Act) and to not provide a copy of that letter to the Company until last Tuesday, 3 April 2018.

Well my *guess* is that Purcell's decision to send out letters to only a select few shareholders was a deliberate (and successful) attempt to create a condition where a poll vote could be legitimately requested. It it is true, I find that quite conniving.


The Chairman advised that only undirected (open) proxies would be entitled to vote on the Adjournment Resolution.

So it is how I imagined it to be, as mentioned in my post in another thread: my proxy votes were disregarded for the poll (adjournment of meeting proposal) because I did not leave open votes. I suspect there will be yet another attempt to delay the vote on Monday. It would appear the only way I can have my votes counted *against* any adjournment poll on Monday is to recast my votes as "open" for *each* of the four resolutions, rather than voting for or against. I've emailed the company regarding this issue and will post the response.

I suspect M&A are busy buying shares via their mates so they can roll the board this Monday.

My fear is that if M&A gain control of the board they will stack it with "friendly" directors and "do a Moreton". I.e., they might arrange for a convertible note via Twinkle (or other related party) with overly generous conversion conditions and onerous break fees. The onerous break fees would basically force current shareholders to vote for the con note, and the generous conversion conditions (i.e., each note converting to shares at a huge discount to the share price) will allow M&A to effectively dilute current shareholders out of existence. It is my belief that this is what was attempted at Moreton. I could be wrong; you be the judge, but make sure you read the takeovers panel announcement regarding Moreton.