Goodaye there Docmin,
If we want to highlight issues surrounding constant CR's, just look at 88E !
With IXR, there are a number of issues, most of which have already been raised here.
1. the very large level of discount to SP.
2. the price of 1.3c.
3. the fact that it was a Placement in which the Chairman participated.
4. the fact it was a Placement, which deliberately excluded other shareholders. Noting Boards are supposed to treat all shareholders equally.
5. the clear view that the allocation of Options are clearly too cheap. ie not on commercial terms in my personal opinion. Are the terms of this CR intended to curry favour with certain clients, for later CRs?
6. On what basis did the Board agree to selectively place shares to our Chairman? They need to explain just how and why that occurred - because they need to keep s/h on-side for the vote.
7. what information did ALL the participants in the Placement receive in order for them to subscribe in Placement. No one will persuade me that a director is not privy to info that the rest of the market does not have. Witness to comments re Offtakes etc etc.
We all know that one needs 5% of capital to do a 249D. I suspect that no one here has access to that many shares.
In any event, I would not support removal of our Board - WHY?, because many reasons. The issue that they have ignored retail shareholders in this CR is fair comment --- but IMHO, the fact remains that they are getting IXR moving at a rapid pace.
Bottom line here is if they get the SP up because they get Makuutu firing, and Ionic Tech firing, we ALL win.
If we all are angry about the selective CR (as I am) then we ALL have a chance to vote against the various resolutions when the EGM is held in June.
If the resolutions fail, then the Board will get the message, and the Chair will not get his shares.
We need to keep an eagle eye on the wording of those resolutions.
Remember, these people would not be committing their cold hard cash if the company and its business prospects were poor !!!
IXR Price at posting:
1.5¢ Sentiment: None Disclosure: Held
(20min delay)