Ann: Letter to Shareholders - Upcoming EGM, page-109

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Wisefool22

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09/04/18

11:17

Post #: 32314150
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Originally posted by alhotcop9 ↑

Hi all,

I just emailed Dirk and Mark for clarification about the C/N and also the revenue / profit margin issue.

Mark called me back almost immediately (just got off the phone with him despite him being based in the US). Mark will forward my email (which I will not post here) to the entire Board of Directors for their information / attention as well.

Mark said that people are misinterpreting the C/N. The maximum number of shares that could be issued is 35,922.041 regardless of if the company were to issue shares at a lower price (he reiterated that we have almost 17 million available so it is unlikely we should need to issue more shares any time soon). He also clarified that the note can only be converted effectively in the event of a hostile takeover (my words not his - but that was the gist).

Regarding revenue and margins, he reiterated that the company previously indicated that revenue would be higher this quarter than last quarter and there is no reason to believe this is not the case. He can not comment further because of obvious insider trading issues. The company will no longer discuss margins other than what was said in the newsletter. Personally, I believe that going silent on margins is a very wise move - so let's all just get used to it as it's in the company's best interests.

Finally, at Mark's request, I sent a follow up email to him and Dirk (that he will also forward to the full Board. He promised to have a response to me by tomorrow. My email asked:

"Also, as discussed, could you please ask the Board, as a matter of urgency, to clarify the following:

1) Which members of the Board and which staff will be attending the EGM?
2) When will the new chairperson be appointed?
3) Will the EGM be chaired by the new Chairperson?

Given Gavin’s announcement he will step down in May, investors expected the new chairperson would have been announced by now to ensure an orderly handover. If the new chairperson will not be appointed by the EGM (and also chairing the EGM) could the Board please explain why and when the appointment will be made?

I can’t express how important it is that issue is resolved and communicated to the market immediately as it is feeding a large amount of speculation and fear amongst investors."

I will let you know the response when it arrives.

Alhotcop9

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Damn it Alhotcop9, just as I was about to make the decision that HC just isn't worth it, you do that.

Many thanks for taking the initiative. Look forward to see how this pans out.

Regards,

AJX Price at posting: 17.0¢ Sentiment: Buy Disclosure: Held
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Ann: Letter to Shareholders - Upcoming EGM, page-109

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Ann: Letter to Shareholders - Upcoming EGM, page-109

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