Pretty sure he knew what the agenda and the desired outcomes of the meeting were before he decided to terminate the original agreement.
With relations to the stated 'necessary majority of shareholders' I'm assuming that the individuals which contributed to the private equity raise pre-listing are also shareholders of the private entity with the largest being Zeff, Geoff, Vendor, Sergio + Others, i mean, that is the point of an equity raise right, for partial ownership? So, i don't know man, maybe most agreed, some maybe not, who knows, the outcome is the outcome now.
With relations to the $7.6 Mil budget, no idea behind the logic of how this logic is calculated as based the use of funds as per the cap raise. Perhaps it was simply a split in half of the $14.2 Mil below as that was out allocation of funds for 2 years and the forward plan was only for 12 months?
I do think we will spend alot more than $7.6Mil over the next 12 months based on what we are programmed to do. But, it makes no difference what the number is if the vendor does not contribute.
Also, read the point i highlighted previously again, Tesoro as the majority shareholder of the JV Company has the power to make unilateral decisions, meaning, we can basically do whatever the fck we want with relations to timing and calling for more capital (What if we raised $50-$100 Mil? we need to raise whatever we need to advance the development). What is the point of the Vendor Contributing $2.28Mil now to maintain 30% over the next 12 months, when they were already in the same position and
still had 30% for the next 12 months under the old agreement??? Makes no sense...Like i said, the only difference is that instead of an option for him to cash out after the next 12 months, on face value, it appears that he has exposed himself to massive dilution, however, i don't think he is that stupid and there is more to it.
(20min delay)