"During the quarter ended 31 December 2018, the directors provided convertible loans of $30,000 to the consolidated entity at a Nil % interest rate. The balance of loans from the directors at 31 December 2018 is $30,000. The loans will be converted to ordinary shares at $0.004 per share in accordance with Resolution 6 and approved by shareholders at the 2018 AGM held on 15 January 2019. "
Resolution 6 says:
so my question is, where does it say that Directors will be recipients of these shares?
are we talking about same equity?
the Explanatory Memo says shares to be issued to "professional and sophisticated investors" - does not mention Directors.
Also, there are surely rules re company accepting loans from directors??
Did the directors (incl Lanstead) vote on that Resolution 6?
Pls tell me we are not going back to the bad old days?
TIH Price at posting:
0.0¢ Sentiment: None Disclosure: Held
