"... A public company must hold an AGM within 18 months after its registration, at least once each calendar year, and within five months after the end of its financial year (Corporations Act 2001 (Cth) (“Act”)). The AGM provides a broad overview of the company’s financial health and current directions, including changes to a company’s constitution, name and auditor, the re-election of directors, proposed share placements and director remuneration.The requirements for a valid AGM are governed by Chapter 2G.2 – 2G.4 of the Act, the company’s constitution and, in the case of listed companies, by the ASX Listing Rules. AGMs must be convened, constituted and conducted in accordance with legislative requirements and governance standards. ..."
The last AGM was on 31/5/23. If it is acceptable for the next AGM to be delayed so long as it is held within 15 months of its last AGM then that indicates a basis for optimism for an AGM in August. As I said earlier I cannot now find where I got that opinion from. I'm far from being any authority on corporate law, so if anyone else has better information I would be very much indebted and pleased to hear it. If there is no such accomodation of whatever the company's problem is then I agree the company does have serious problems. But that does not mean they cannot be resolved.
If the company has products currently being manufactured and that are likely to be ready to show at such an AGM then its problems will be of a somewhat different nature I expect.
Don't get me wrong in this: I am not remotely happy with everything I see going on. I am both alarmed and indignant with the company and have communicated that back to it. But the reassurances I get in return give me some reasons for optimism. My understanding is that the company is making progress towards its targets. And if the situation as I understand it is correct then it's products will appear in the not too distant future.
This confirms what we read in the 4C on 30/4/24
"... The fab has spent considerable effort and resources optimizing the MEMS process flow parameters, as to adjust the parameters of earlier steps of fabrication, such [as] temperature, pressure, time, flow, etching and deposition rates, and others any of which were contributing factors to the stress and deformation of the wafers by the time they reached final fabrication stages. The latest information indicates that improvement has been achieved to reduce wafer deformationsufficiently to enable the vendor to complete the final fabrication steps and deliver initial wafers within the near future. ..."
"... The Company is [as at 30/4/24] in the process of securing additional short-term funding to meet its working capital requirements over the next quarter until it is in a position to demonstrate the MEMS GEN-II Chip. The timing of securing additional funds [i.e. via a capital raise] will also be subject to market conditions prevailing at the time and is expected to be coordinated with the demonstration of the MEMS GEN-II wafers and chips. ..."
If the implications of this publicly made announcement by the company are as they clearly suggest, then chips are in production right now and will be available to demo within this apparent timeframe. It also indicates that the company was confident that it would have obtained sufficient funding to get to that point.
But I am not AKP's spokesman by any stretch of the imagination. The above statements are from the company, not opinions from me. Opinions are opinions. You are welcome to yours, as I am to mine. I am hoping mine are right, and that yours are wrong. But we will see what we will see.
(20min delay)