The part that people keep forgetting to bold is also this: (b) Grants a waiver of Listing Rule 2.1 Condition 2 to the extent necessary to permit the issue price of aminimum of 57,000,000 and up to 170,000,000 Shares proposed to be issued pursuant to theProspectus (Capital Raising Shares) not to be at least $0.20 per Share, subject to the followingconditions:(i) the issue price of the Capital Raising Shares is at least $0.035 per Share.
I agree this 0.02cents part has definitely added a completely unnecessary layer of confusion even if it truly is just "ASX JARGON" which i find hard to believe at this point.
However, it is black and white with the terms and conditions of relisting, the waiver for listing the company is for condition 2 which is the issue price of all securities which are seeking quotation must be .20cents
The condition to this being waived the the company being re-listed as CGL is the issue price of the capital raising shares is at least 0.035 per share. without meeting this, the company cannot relist.
The listing rule 14.7 is the confusing part because it's talking about general meetings as well as saying that if the entity says it's going to do something in relation to a listing rule, then they have to do it or make sure at least someone else does it.
And i'm not entirely sure how this is meant to relate to the 0.02cents, however, it is stated in every prospectus as well as past meetings very clearly the price for the CR event.
we've been going back and fourth now since Monday and there is completely valid arguments to be made, however it's just not worth it at this point until more information comes out/closer to the end of this month.
As it stands and this is purely just my opinion, if the company WAS to do anything in relation to this 0.02cents thing prior to relisting they would definitely have backlash from a lot of existing supporters and with how rocky everything has been portrayed i truly truly believe that won't be the case.
At the end of the day, hard work has been put into this relisting of the company, and you're not going to throw that all away doesn't matter who you are.
At this point in time, i'm taking the waiver conditions of relisting above all else and that specifically states the waiver is to ONLY be granted under the condition the CRP is 0.035 which is backed up by EVERY prospectus to date and Meetings since the CR was announced officially.
all IMO DYOR
QBL Price at posting:
3.7¢ Sentiment: Buy Disclosure: Held
