Ann: Eagleview to acquire Spookfish, page-58

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centro11

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27/07/18

11:53

Post #: 34592200
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Originally posted by Cbz8 ↑

This whole scheme is absolutely disgraceful and I have no idea how management will be able to demonstrate that they've complied with their fiduciary duties to the company. It looks like EV will buy out the current licensing arrangement by mid-September for $15m (i.e. the rights to future royalties) before shareholders even have the scheme explanatory documents to demonstrate why the buy-out is recommended. I cannot see that Rod Jones etc will be selling up for 8c - surely they have some stake in the new business and this hasn't been disclosed. Founder Mike von Bertouch's company has a continuing arrangement with EV to supply camera's I would guess and there will be positions (and no doubt performance bonuses) for "key" individuals in the management team going forward. There is currently a cynical argument about the possible effect of a further cash raise and milestone shares on the overall share price, but this completely discounts any future upside to the company which was due to start rolling out. I will not be voting for any buy out proposal until I see some proper disclosure and this is not a case that the directors have conflated their own interests with the interests of shareholders. However, due to the little side deal they've done on the future of the licensing arrangement, it appears that by the time it comes for shareholders to vote, it won't matter anyway as there will be no right to future royalties under the original agreement. They've got us over a barrel completely. Each need to disclose what they're getting out of this deal as, like every announcement to date, the recent one says very, very little.

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It’s even disgraceful thinking that the great promising Aussie company chewed by overseas shark.

SFI Price at posting: 7.7¢ Sentiment: Hold Disclosure: Not Held
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Ann: Eagleview to acquire Spookfish, page-58

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