Yes, unfortunately winter is already here for Xped shareholders, with more CN dumps and further CRs imminent IMHO.
And let's not forget the below arrangement that is scheduled to create further dilution from today it would seem....
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$500k / 14 day VWAP (~1.85c by my calculation) = approx. 27m shares to be issued, all without an escrow date attached to them.
Thus God help current shareholders if and when EJ decides to convert these shares to cash by dumping some or all on market.
Besides that, what a perfect time to issue these shares (i.e. near all-time lows despite the recent consolidation). So once again well done to the three boardroom executives who not only recommended this arrangement (not to mention the ongoing CN debacle), but who also still have their heads buried in the sand regarding another major issue that is unlikely to go away - preferring to ignore their moral obligation to other shareholders by continuing to line their own pockets (first and foremost) before the company can afford and well above the market rate and that of their ASX listed peers (see below).
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It's a sombre thought knowing that even if this ‘lifestyle’ company's technology is successfully commercialised, there is the growing possibility (if not a probability) that current shareholders will never see a return on their investment due to massive annualised outflows (approx. $12m) and the company's inability to contain costs - keeping in mind that the company has already raised approx. $22m of shareholder funds in 18 months (issuing shares like confetti in the process) and having spent most of that despite generating bugger all revenue to date from their core technologies.
Unfortunately the imminent dilution ahead and the rate of it (required to fund the growing outflows) will continue to destroy any value created by the current management of this company - at least on a per share basis.
The situation for shareholders has become dire and this unmitigated corporate driven disaster (IMHO) requires the urgent removal of the three overpaid executive directors from their positions on the board. The current BOD has had ample time to rectify these ongoing issues but to date they have chosen to deny and /or ignore that they are responsible and indeed part of the problem.
So unless they and their ridiculously excessive remuneration packages are removed from the equation one way or the other, then the market's obvious lack of faith, trust and enthusiasm for the current BOD will IMO likely mean that the >4 cents per share target required to see the new options 'in the money' (and potentially provide a $22m warchest to cover the company's outgoings for another 18 months at the current rate and commencing 2018) has little chance of eventuating.
A failure to convert the new options by January would leave management with little alternative but to further consolidate and / or continue to rapidly dilute the current scrip by raising relatively large amounts of capital under 2c per share.
GLTA - winter is most certainly here and the white walkers (in the ugly form of dilution) are coming.
(20min delay)