Hey Ron,
In my heart I believe that there would be a covenant breach occurring at the Mar Qtrly and page 32 pretty much says so. Without completion of placement and entitlement issue they would be in breach. Now maybe nothing would have happened or maybe MacBank calls in the loan for breach ... I really don't care. What I care about, strongly enough to file the complaint with ASIC and I would ask everyone here to do that and to send Matt Allen an email about whether or not we are trading in a fully informed market. I say we are not.
Here is excerpt of my complaint to ASIC .... to begin go to
https://asic.gov.au/about-asic/contact-us/how-to-complain/Maybe if they get flooded with similar complaints they will take action
I don't believe the market has been properly informed and that is a breach of director's fiduciary duty to their shareholders and that is against the law.
I've also sent this email to Matt Allen and would encourage the same, under the title of
"Is the Market Fully Informed"
So take it I am pissed off by the actions and especially the misinformation that is paraded about in investor presentation.
(adverb? deleted) sick of it.
That said, we bag holding shareholders are over a barrel. Very few options (other than buy on market) as the oil price is likely to rise as the COVID-19 demand destruction diminishes. But plenty of short term pain remains
FOMA (and before moderation is considered for profanity ... FOMA = Fearful Of Management Actions or possibly something entirely different))
