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clock Created with Sketch. 31/05/24
08:06
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Originally posted by Shortblack:
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Looks like ASX may be building an arsenal to finally flush this turd.Half Year Report - June 2023 A$500,000 of the Convertible Notes issue will require shareholder approval as the note will be taken by 4F Investments Pty Limited, an entity associated with Fred Bart. The other A$2.5m has been taken up by five other existing sophisticated investors and the funds already received. There was no EGM held.Full Year Report - Dec 2023 On 27 October 2023, the Company issued a Convertible Note amounting to $500,000 to 4F Investments Pty Limited, an entity associated with Fred Bart. Shawn knew that the issue of the notes and options didn't satisfy the listing rule exemption he mentions, which clearly states the notes needed to be issued before the company is listed.
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I don't agree with "proven blatant lies ", but Shortblack makes a good point. It looks like in June they knew this same convertible note would need shareholder approval and then in October they didn't. Part 7 pretty obviously didn't apply. At the very least a proper explanation should have been offered. Why did they think part 7 would apply? It's a tick in the negative column for sure imho.
(20min delay)