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Ann: Financing & Management Update, page-71

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towie

35,149 Posts.

961

04/06/15

12:44

Post #: 15411668
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Originally posted by Frogster ↑

Towie, I'm not sure we are going to be asked if we approve of the whole deal, but only if we approve of the issue of 20 bazillion shares that fuel the convertible notes and options.

If we say no, then we are in default of the terms and then presumably ECP will call in the security over our assets that this deal gives them. I'm guessing, but they probably have security over 100% of p67 and our stake of the Seychelles.

So if we accept these terms we willing give away nearly everything, and if we say no we (probably) give away everything.

If the repayment of the $500k advance so recently entered into has triggered this, then I can't see it as being anything other than reckless behaviour to have spent that money on a deposit without KNOWING it could be repaid.

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Hi Frogster I think that the meeting would be to approve ALL of the shares and options included in this announcement. This would have to be the most Onerous ( Shafting Of Shareholders ) announcement that I have seen come out on the ASX for many years DYOR Towie

QFY Price at posting: 0.7¢ Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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