Gerkin02, you are not a frequent poster, but whenever you do,...

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simonsnouckaert

639 Posts.

29/11/17

19:33

Post #: 29229785
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Originally posted by gerkin02 ↑

For existing share holders, this is a real knife in the back.

Oil prices finally starting to improve and a massive dilution to existing share holders with the ultimate kick in the teeth (sorry you cant participate.) Hundreds of millions of shares to be issued to mostly new entities at the biggest discount in the companies history.

A few years back I controlled the largest holding in the company. Mr Peter Love rang me and said he wanted to invest $250k in this company. I helped him (through a rights issue ) gain the largest share holding in the company. Many promises were made including reducing costs and board salaries and creating wealth with the share holders through share price appreciation and avoiding share holder dilution.

It is not any ones fault that the oil prices crashed in the second half of 2014 although to protect share holder dilution for so long and now destroy us is unforgivable. After many calls to Mr Love, all have gone unreturned.

I will go from controlling currently between 6.5 - 7% of this company to about 1.5 % and not as much as a single phone call. I urge every existing holder to vote no on all resolutions, although the inner circle of this company controls a large quantity of stock.

If you can, I hope many share holders will attend Mondays meeting.

Best of luck to all.

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Gerkin02, you are not a frequent poster, but whenever you do, you make a lot of sense. BrgdS

TPD Price at posting: 0.4¢ Sentiment: None Disclosure: Held
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