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SMN

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60.5¢ structural monitoring systems plc

Ann: Notice of Requisition for EGM, page-283

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Popeye17

1,069 Posts.

21/10/21

09:45

Post #: 56958645
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Originally posted by Beancounterobj: ↑

Guys, You really need to settle down. I just of the phone from Steve Foreman. The Board announced the capital raise to extinguish debt and to prepare working capital for the upcoming orders for CVN. My understanding is that there was no special treatment of shares being allocated to one particular person or entity. The Board has listened to the shareholders and a number of changes will be announced. The amount of the capital raising will be significantly reduced and the existing shareholders will be given the opportunity the subscribe via a rights issue for the majority of the raise. The current Board have listened in relation to concerns from shareholders about our Board not having a member with significant commercial aviation experience. It is proposed that their will be changes to our Board to replace existing Board members with candidates that have commercial aviation experience. Board members will be resigning not because they have done anything wrong but because they can be replaced with new members who possess Significant Commercial aviation experience. This is for the betterment of all shareholders. A board meeting to ratify these changes is scheduled to happen in 40 minutes time. May I suggest that instead of making statements without knowing the facts that you pick up the phone and call Steve Foreman. He is extremely approachable.

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thanks for the info.

seems you were right. Appreciate you passing this on.

SMN Price at posting: 97.0¢ Sentiment: Hold Disclosure: Held
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