Good evening guys. Have just spent the last couple of hours pouring over these two announcements and submit the following thoughts. (Just my opinion)
So what did we get this afternoon and what's in the releases?
There were two statements this afternoon which are quite significant and important for all of us IMO.
The first at 4:39PM is a combined Corporate Governance Statement and Appendix 3Y.
Here are the main points:
1) LWP amended the March Quarter 2016 Appendix 4c Cash flow statement. The amendments did not change LWP"s actual cash balance or the previously reported operating cash flow.
2) As directed by the ASX, related parties being the Directors have now sold their LWP fully paid Ordinary shares taken up in 2015 on the market and are detailed in the Appendix 3Y.
3) The shares owned by the adult children of the related Parties, being the Directors, have also been disposed of on market.
4) After this slip in due diligence and reporting by LWP management; LWP instigated a review and as a result have now significantly updated its Corporate Governance Policies to protect its operations, the shareholders and how business governance is applied in the day to day operations of the Company.
5) The ASX is satisfied with LWP"s handling of this matter. LWP have fulfilled all its obligations for the lifting of the suspension as directed by the ASX.
Appendix 3Y outcome
Sean Corbin as at 4th of April 2016 had the following: Direct Shares 10, 721, 270 shares and Indirect 23, 666, 194 shares.
Sean Corbin held a total of 65, 000, 031 shares as the total of Securities in LWP prior to the 6th of May.
By the 6th of May Sean Corbin disposed of 30, 612, 567 shares directly onto the open market in the price range of $.002 , $.003 and $.0035. He took a significant hair cut and big loss from my understanding of this.
After the sell off he was left with 34, 387, 464 shares as No. of securities held in LWP.
Appendix 3Y outcome
Siegfried Konig as at 4th of April 2016 had the following: Direct Shares 1, 484, 406 shares and Indirect 379, 178, 375 shares.
Siegfried Konig held a total of 419, 021, 909 shares as the total of Securities in LWP prior to the 6th of May.
By the 6th of May, Siegfried Konig disposed of 15, 859, 128 shares directly onto the open market at $.003 per share. He also took a significant hair cut and big loss.
By the 6th of May, Siegfried Konig reported that 22, 500, 000 shares held by his adult children were also disposed of.
A total of 38, 359, 128 shares disposed of by Siegfried Konig.
After the sell off he was left with 380, 662, 781 shares as No. of securities held in LWP.
My understanding of "shares sold on market" mean they were sold on the market and not transferred to friends, family members etc.
The ASX does not report who sold them for Sean or Ziggy or if they have rebought any. We will need to wait for the next Director's Interest Notice to know that information.
This will have been thoroughly investigated by the ASX as a "learn your lesson" agreement and maybe explains why it has taken a few days to get the notice onto market.
Mistakes can take a personal cost on all of us.
At 4:42 PM LWP released onto the market a 78 page Corporate Governance Charter.
I am working my way through it now but it is pretty thorough with lots of reporting requirements and restrictions. Basically it is a set of strict operating rules that LWP's current and any future management must follow in its obligations to reporting all business activity to the market PLUS a whole bunch of behavioural rules.
IMO I certainly feel more protected and understand a lot more about the company now.
GLTAH and as always DYOR.
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