I am one of the investor who took last week's $5M placement. The De-listing from ASX was not NOT disclosed in the placement Term Sheet. Otherwise I would not take any placement. The Term Sheet says:“The company is seeking to raise approximately A$3,000,000…”. “The Company reserves right to accept over-subscriptions”, “The proceeds raised though the Capital Raising will be used to fund General Working Capital”.
The allotment of placement shares and announcement of De-listing both happened after 6pm after market closed on 13 Aug. I have just sold all GMV at loss today. The BOD's behavior is totally unacceptable. How much trust now you have on BOD? The BOD has open its door for potential legal action.
GMV Price at posting:
4.2¢ Sentiment: Sell Disclosure: Not Held
