Yes, the meeting will be to approve the shares and options above the percentage to which management don't need shareholder approval, but my point is that the 1st $1m tranche of the convertible notes has already been paid to us (I have just spoken to Faldi Ismail who confirmed this), and all we will be voting on is whether to follow through and issue the underlying shares. We are not going to be asked to vote on the issuance of the convertible notes themselves.
If we don't vote in favour, we will be in default of the terms of the deal and we'll have to repay the $1m (plus costs and fees) and we'll be forced to sell assets in a fire sale to do so.
This sucks.
QFY Price at posting:
0.6¢ Sentiment: None Disclosure: Held
