RFT

0.00%

0.7¢ rectifier technologies ltd

Stinky at best, hence my belief that any relist will be quite a...

First 22 Last

Share
Profile

Follow
The Stig

8,179 Posts.

663

22/03/24

18:55

Post #: 73019672
Share

Originally posted by BRAGG ↑

It's good to hear anything from the company but I wonder if the ability to raise extra capital was the complete reason for the fallout. Having the ability to raise capital is completely different to actually doing it in a way that disadvantages shareholders. The other ex Directors owned 20% of the company and presumably wouldn't want an issue that did not add to the value of their investment in the medium to longer term.

There are still lines of enquiry that I'd like the ASX to follow.

Today's announcement states that the new Directors (other than the Chairman's son) do not have any of the interests, positions or relationships identified in Box 2.3 of the 'ASX Corporate Governance Principles'. The ASX should seek confirmation in writing from the three new Directors that they do indeed satisfy Box 2.3 as the appointment of the Chairman's son as CEO is at odds with those governance guidelines. No doubt that is why the Chairman hopes to stand down in the next few months and will be busy looking for someone he can trust (control?) to take on the Chairman role.

Arulampalam resigned on the day prior to the AGM but this was not communicated to the market until 2.45pm the following day - 15 minutes before the start of the AGM. Arulampalam prepared an announcement regarding his resignation but a revised version was released. Why can't shareholders see the original version of his announcement - it may be more informative than the 2 brief lines released by the company.

The Chairman appears to exercise control over significantly more shares than his declared 16.3% ownership. How did he get an extra 289m shares or 20.9% of the company to support him in ousting Directors. Did he communicate private information to those shareholders not generally known to the market. The share price declined 27.8% in the weeks prior to the AGM without any information to explain such a fall.

We've heard his side of the story. Clearly if what he says is true about a dilutive rights issue that preferenced a Director's associates, he should have communicated the impass to shareholders and sought their support. Still not sure why the other Directors would have supported such a move. The whole thing still smells to me.

Expand

Stinky at best, hence my belief that any relist will be quite a time away.
ASX will be reviewing for sure, that takes time aplenty.

RFT Price at posting: 3.6¢ Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

EMD

Emyria's Empax Centre chosen for mental health clinical trial

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

SBW

Shekel Brainweigh CEO Nir Leshem weighs in on AI adoption ahead of FY25

STX

Strike Energy secures $153 million for Perth Basin gas projects

FHE

Frontier Energy achieves key milestone for Waroona energy project

With financials holding the fort, materials must step up with some heavy lifting to stimulate stocks

RDN

If you thought lithium was dead, think again. The Pilbara will be central to the next upswing

AML

Cultural heritage agreement puts Walford Creek exploration back on the map

BRX

Belararox delineates another porphyry in Argentina at Tambo South

ASX Market Update: Shares fall flat as GYG soars on debut | 20 June, 2024

There are more pages in this discussion • 48 more messages in this thread...

First 22 Last

Add RFT (ASX) to my watchlist

(20min delay)
Last 0.7¢		Change 0.000(0.00%)		Mkt cap ! $9.674M

Open	High	Low	Value	Volume
0.7¢	0.8¢	0.7¢	$10.49K	1.353M

Buyers (Bids)

No.	Vol.	Price($)
19	7501412	0.7¢

Sellers (Offers)

Price($)	Vol.	No.
0.8¢	364050	5

View Market Depth

No.	Vol.	Price($)
18	7401412	0.007
8	3398999	0.006
5	620009	0.005
3	1125000	0.004
4	1658000	0.003

Price($)	Vol.	No.
0.008	364050	5
0.009	1752770	9
0.010	303877	5
0.011	1858791	6
0.012	453706	4

Last trade - 15.17pm 21/06/2024 (20 minute delay)

RFT (ASX) Chart

Stinky at best, hence my belief that any relist will be quite a...

Emyria's Empax Centre chosen for mental health clinical trial

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

Shekel Brainweigh CEO Nir Leshem weighs in on AI adoption ahead of FY25

Strike Energy secures $153 million for Perth Basin gas projects

Frontier Energy achieves key milestone for Waroona energy project

With financials holding the fort, materials must step up with some heavy lifting to stimulate stocks

If you thought lithium was dead, think again. The Pilbara will be central to the next upswing

Cultural heritage agreement puts Walford Creek exploration back on the map

Belararox delineates another porphyry in Argentina at Tambo South

ASX Market Update: Shares fall flat as GYG soars on debut | 20 June, 2024

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Stinky at best, hence my belief that any relist will be quite a...

Top Stories

Emyria's Empax Centre chosen for mental health clinical trial

Plagues precede widespread power shifts. We’re living in one – and minerals are at the fore

Shekel Brainweigh CEO Nir Leshem weighs in on AI adoption ahead of FY25

Strike Energy secures $153 million for Perth Basin gas projects

Frontier Energy achieves key milestone for Waroona energy project

With financials holding the fort, materials must step up with some heavy lifting to stimulate stocks

If you thought lithium was dead, think again. The Pilbara will be central to the next upswing

Cultural heritage agreement puts Walford Creek exploration back on the map

Belararox delineates another porphyry in Argentina at Tambo South

ASX Market Update: Shares fall flat as GYG soars on debut | 20 June, 2024

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News