Hi gassed and dugsabHaving seen the Appendix 3B at the top of...

Hi gassed and dugsab
Having seen the Appendix 3B at the top of this thread, I've recently written to management about this financing deal (although I won't report here any responses that I get).

I think it's a terrible deal for shareholders. Our company deserves much better and I thought management had closed out all remaining convertible notes. After all, our 4 September announcement about the $2m placement said (after referring to some other uses of the placement funds):

"Funds will also be used towards closing the remaining convertible Notes with a temporary halt on conversions while being negotiated."

And?? The company is going to need to clarify the position but in the meanwhile I'll repeat in italics below some of what I posted here on 12 August:

"...Well spotted re that financing deal, which I think is dreadful. I've not wanted to say anything about it, in the hope that management would pay the damn thing out and be rid of it. This should have been done a long time ago. We would have been much, much better off raising conventional equity capital.

... I'm dismayed with this arrangement ...you've actually identified why the share price keeps getting hit - it's cheap loose stock that comes out at the wrong time and depresses the share price. Just look at the 'incentives' for the financiers in the deal - sheesh.

... The çredit card guys can play the stock, at the expense of us the rest of us (sic), with ongoing dilution on dreadful terms...I know for a fact that it's putting off some potential buyers, so we have the worst of both world's (sic)- excess selling and diminished buying...

...This is a huge management issue that needs to be fixed, quick smart...while this issue remains unresolved. I think it's killing us..."

Sorry to finish on a negative folks but I hope this is all part of necessary steps to get known issues fixed, allowing our shares to be properly priced, at levels way higher than the current oversold situation.