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Yep. Nailed it!! An absolute disgrace that I (as a intermittent...

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Bugwan64

770 Posts.

134

04/05/22

20:12

Post #: 61209850
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Originally posted by Aussie Eagle: ↑

I'm all for moving on from the past.

Let's discuss the recent then.

1. Pnina(h) Feldman retires all of a sudden as announced on 30/08/2021
2. Cornerstone investor approaches a broker on 29/10/2021

She wanted 70m shares via shareholder approval at AGM which was penned in for November.
600-610 million new shares issued 4 weeks earlier at large discount plus fees
I say she retired 'all of a sudden' as Termination Notice of 6 months was not given as per contract.
She (via her agmpl company) wasn't entitled to any kind of payoff.
AGM facilitated to not be held until end Jan this year.
Resolution for that approval was listed as an Ordinary Resolution - NOT a Special Resolution.
In the interim, Sholom tells the Media that if the vote for her shares didn't pass, she'd be given cash anyway.
Shareprice continued to decline up to the AGM vote and she ended up with over 150 million shares.

So suddenly it's not 70m shares any more, it's a massive number more than that because they decided after the ASX announcement to base it on what her salary (or, rather AGMPL's charges) 'would' have been for the 6-mth notice which was never given, nor an amended notice to the ASX

For those shares to be approved as a Special Resolution - which no doubt it was very special - it would have required 75% of the shareholder vote to be approved.

No, being listed as an Ordinary Resolution it only needed 50% to get it over the line.
It was passed at 59%
That shows it would have been a resounding failure at a 75% requirement.

The new 600M shares issued via Cornerstone Investor approach not long before that vote ?
Well, the choices were to vote yes, no, or abstain and finally, leave it to proxy - in which case the new Chairperson, longtime family friend, had control to put them into the 'yes' category.

I couldn't know what vote was cast with the new 600m 20-25%-discounted new shares, but if I was to comment - I'm confident I'd be 100% correct.
Then of course we have the people behind those 600m new shares some of whom possibly were already shareholders of further quantities - it's not difficult to figure how that 59% margin was achieved.

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Yep. Nailed it!! An absolute disgrace that I (as a intermittent observer) was not across. Makes 100% sense.

CGB Price at posting: 2.7¢ Sentiment: Sell Disclosure: Not Held
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