Not much of an explanation as to why the directors propose and support a 3:1 share split. The stock is so tightly held by interested parties, a split will not change liquidity or interest in the stock, as almost no trades have completed in the past 12 months.
Raising up to $4m is all very well and good, after all, someone has to pay for the money-go-round that defines the IQ stable of related parties. I suspect the cash will come from the founders and will be used to pay....the founders. Especially Dr George. They need a healthy cash balance to pay him his $600k per annum plus 25% bonus.
It must also be said that there will be no non-related shareholders present at this farce of an EGM. Like all IQ company meetings, this will be an exercise in artifice for the benefit of the ASX, carried out in front of a quorum of shareholders who work for or are related to the board of directors.
IQX Price at posting:
35.0¢ Sentiment: None Disclosure: Not Held
