More like 50/1 consolidation is needed and I'm expecting this after the AGM and after many more 100's of millions of shares are issued to the incumbent board members (for what?) and the major shareholder being DGR. This is my favourite part of the Notice of AGM .....Page 18.
So the company has been non-operational for two years, bugger all staff (if any) and have office services costing HOW MUCH per month? Must be a hell of a photocopier bill, absolute joke and this should be raised with ASIC.
ANW have 2 board members from DGR and DGR are largest shareholder and now DGR is ripping more ownership out of ANW.....hence the need to take such costs to shareholders, vote no !!! Also, any related party that benefits to this DGR rip off is not allowed to vote apparently so existing or other shareholders might have a chance to knock this back.
DGR threatens to call up this massively inflated debt up in cash (which is a bluff) for providing a part time desk in their office and use of the photocopier, I say vote no and send them back to charge this amount to commercial rates, any desk in their office is worth no more than $1000.00 per month. Even with bookkeeping services the costs per month should be substancially less than what they are claiming.
I hope the DGR or ANW boards have an independent valuation or assessment on renting out a desk, photocopier and bookkeeping services that are being charged to ANW.
DGR as the largest shareholder, with ANW in their own office, have lent ANW money, are apparently a significant debt holder, are sharing the CoSec and you could argue they control the Board and company just to top it off. With DGR holding dominating positions on the Board they have significant control of ANW IMO, I'd like to see them argue otherwise with the regulator.
The narcissistic ego's involved here won't let ANW go down IMO, they will just wash through all the Mum's and Dad's holdings, reset their own shareholdings to pre 2017 levels or much greater, and start again using others peoples money to then maybe develop some assets.
They may succeed in the future, however current shareholders will own a lot less of the company than they do now. If there was a time to enter this stock, it would be after consolidation and after a new board is in place IMO.
DYOR and AIMO.
BJ
(20min delay)