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22/06/17
13:08
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Originally posted by JimmyEyebrow
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It is exactly this sort of comment that sees me still posting here:
"...not critical just looks lax on the part of management"
You continually hold yourself out as an expert in the field of corporate law and compliance matters and telling everyone here that it's nothing to worry about and "not critical" appears to be a somewhat incompatible position with your supposed expertise in interpreting matters such as this. I'd suggest that you follow the advice you offered to another poster earlier today: "It is amazing what can be unearthed by reading the document in its entirety."
The Appendix 3B attached to the announcement clearly says that they have exhausted their ability to convert these notes to shares under Rule 7.1 This is not up for interpretation - it is clearly stated as fact.
To reinforce this, the announcement clearly states:
"As a result of this miscalculation, depending on the relevant conversion price, the Company may not currently have sufficient available capacity under ASX listing rule 7.1 to convert all the remaining Tranche A Convertible Notes issued to MEF into ordinary shares if MEF seeks to have them converted into ordinary shares. The Company is in discussions with the ASX in relation to this matter. " (my emphasis added)
In addition, you then post the following excerpt to justify your view that this is nothing to worry about. Again I have added emphasis to tie it to the previous statement:
"The Company has already convened an extraordinary general meeting to be held on 6 July 2017 to seek various shareholder approvals that, if approved by shareholders and subject to any determined by ASX , would permit the Company to issue ordinary shares on conversion of all the remaining Tranche A Convertible Notes. "
Shareholder wishes here are irrelevant - it now rests solely with the ASX to determine whether they will provide TV2 with relief from their obligations under 7.1 If the ASX does not grant relief then the company has stated:
"The Company will not convert any of the remaining Tranche A Convertible Notes into ordinary shares of the Company unless and until the Company can do so in accordance with the ASX listing rules and other laws. "
If the company is not able to convert the initial convertible notes due to errors in calculations, what confidence does this give to the other party? This company is running on fumes at the moment and the petrol station they were planning on using to drop a quick $20 in the tank just turned its lights out and closed for the night as they were approaching. Hopefully they have enough fuel to get to the SOL one further up the road.
In no reality can this be classed as "not critical" and just "lax management", and in my opinion, given your purported expertise and standing with other holders, you should not be making such comments when they are clearly incorrect.
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It is exactly this sort of comment that sees me still posting here:
I know exactly why you post here and what your agenda is.
Do you honestly ever have any contact with any officers of the company and air any grievances or to ask the questions of someone who may give you some answers , whether you believe them or not.
No you just seem to find any opportunity to drop in here with your fear mongering posts.
This is another error that should not have happened I agree and I wont trivialize it by saying your trying to turn it into a storm in a tea cup, but I will say if they are speaking to the asx I believe it'll be sorted by weeks end.