Hello NoFiller, I note that you have been a subscriber here since 2017.
I'm not sure how old you are, or how long you have been investing in the Small Cap space on the ASX, but it sounds like you are fairly New here to this realm, and quite naive.
So I can tell you, from 30 years experience, we all know "VERY WELL", and "REALLY UNDERSTAND" what has occurred here, because I've seen it, and EXPERIENCED it a hundred times, and for the first ten (10) years of my investing experience, was cheated and duped by identical circumstances and set-ups as is now taking place here.
I've since this "Ponzi Scheme" analogue, a hundred times, so how experienced are you with the dealing of the same situation?
I'm nearly 70 years of age, with vast experience, how old are you, and how many years in the ASX (specialist) "Small Cap" space do you have?
Look mate, I'm not being critical, and I know you probably mean well, and I wish you the best, but your post sounds like you are just another "naive fan-boy", perhaps young, and ripe for having his/her savings picked off mercilessly by Ponzi schemes, just like those desperate women who respond to "love scams" from Nigerian thieves who dupe the gullible and simple-minded into sending them their money with promises of hope and love.
All I can honestly and sincerely advise you, is to wake up and learn how to deal with objective reality.
Listen and learn, and then begin to accept some good sound advice from an old grandfather who's been through this a dozen times, otherwise you are going to "learn the hard way" my friend, which is why every generation seems to repeat the same mistakes of the previous, because as a species we don't learn from the experiences of those who have passed through all of this, many times, before us.
If you want to save yourself, and the other innocent and good people here, then you really should listen to the most experienced.
Simply saying that the value of previous shareholder shares is now "residual" and has only "nominal" value is "pure bull". You are just using complete language "hyperbole".
The "value that previous shareholders have" is determined by the current directors, and those directors "can set that value to whatever they want".
And they've decided to set it to (almost) nothing, so that is how much they value and respect the current shareholders !!!
How does that sit with you, because it irks me, and I feel for every other mom and dad here.
And I want to PROTECT every other mom and dad here !!!
Don't you understand this very simple premise?
The simple truth is that the value of previous shareholder shares in NOT RESIDUAL, or any other hyperbolic wordage or excuse that you might want to put to it - it is pure and simply "worth what value the new directors WANT to put on them"
And quite simply, they want to wipe you out, and assign your value to almost ZERO.
So what do you think about "anyone in your life who assigns your worth or value as a decent and caring human being to ZERO ?".
Can't you actually see this?
Are you so blind to the truth?
Don't you have any knowledge of corporate rulings and how they can be manipulated?
I'm trying to protect good, decent, and honest kind-hearted people here, from losing their hard worked-for savings. "They don't deserve to be treated this way."
It would seem that you cannot read.
We are not saying this is a wrong-doing, because it is (obviously) permitted under law (but the law can be an ass sometimes, it is well known).
So you need to ask yourself this about what has been proposed with the consolidation :
"Is It Ethical or Moral, or even a decent thing to do to honest Mom and Dad shareholders, to effectively wipe them out ?".
And the answer is No !!!
You see NoFiller, it's actually easy to understand, because it's actually reprehensible, and they "Did NOT" have to do it this way.
There is ONE (1) Simple Truth mate, which you have forgotten, or don't want to admit to.
And that is "They can set the consolidation rate to WHATEVER They Want".
They could have made it quite legally at 10 to 1, or 20 to 1 - but NO, instead of this, they decided to "COMPLETELY WIPE OUT" the investment savings that current Moms and Dads had invested here, to almost NOTHING.
They did this out of what?
Perhaps "Pure Greed".
Because the more they wipe out the value of the shares of current holders, the greater is the value of the shares of those who have loaned money to the company at exorbitant interest rates - namely THEMSELVES.
It's "PURELY and SIMPLY PERSONAL GREED" - Nothing More !!!
And it looks like they did this for THEIR own greed.
They did NOT have to do this, but THEY DID !!!
And so, the entire scheme looks like nothing more than a "great big Ponzi scam".
If you, in your complete naivety want to support this, then so be it, but please don't try and dupe other honest mom and dad investors to be scammed, because it does not shed you in a decent light.
I've seen this a hundred or more times over the past 30 years.
And you are a complete fool (or just dumb, or young, or naive) if you think the raise at 10 cents with a priority to current shareholders, is for the benefit of current shareholders - the ones who have LOST EVERYTHING via a 500 to 1 consolidation.
The simple TRUTH now, is that these current shareholders, who've been effectively stripped out of their investment here via consolidation, are the EASIEST targets to strip further money from.
It's a lazy swindle.
The money raised, or should we say in reality - "Re-Raised", will in effect be used to "Repay the loan sharks" who are charging the company an exorbitant interest rate (you look it up mate and see if it doesn't make you sick in the stomach) for their loan.
The SIMPLE truth is that they've seen an opportunity to make themselves a fortune here !!!
And as such, have absolutely NO CONCERN for you, or me, or any shareholder, or any mom and dad who's put their hard earned money here, otherwise they would not have (almost) completely WIPED Them Out with a 500 to 1 consolidation when they could have set the consolidation at "whatever rate they wished".
The company should be returned to administration, and you personally, my friend, should learn how to spell "aggrieved", and at least think carefully about, and learn how to, edit what you've written before posting.
You will learn with a bit more experience, and age, my friend, otherwise you will be poor for the rest of your days, not just financially, but morally bankrupt as well, and that would make me sad.
I want to teach everyone here, if I can how to recognize financial subterfuge and chicanery.
Gw
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