REPOST (modified) - Ok - did I miss a meeting and a pretty important ASX announcement?
The upcoming General Meeting of TKF Shareholders contains Resolution 8 which is to approve the issue of 706m shares and 706m options upon the conversion of convertible notes - and in the process hand over 70% of the company to outsiders.
But when were these convertible notes issued?
There has been no Appendix 3B released since the announcement on 16 March 2018 which advised that $2m of funding by way of convertible notes had been secured - but the announcement also stated that the issue of the notes was "subject to shareholder approval".
Then on 10 July 2018, the Company announced that it had received conversion notices from all of the $2m of convertible notes issued under the terms of the 16 March 2018 announcement.
So when did the Company get that shareholder approval to issue these notes that are now converting into 706m shares and 706m options and diluting the bejeezus out of all of us other shareholders?
The inclusion of Res 8 to get shareholder approval to approve the issue of shares from the conversion is not the same as shareholders approving the issue of the notes - otherwise why bother being required to comply with ASX Listing Rule 7.1 along the way.
The conversion notices referred to on 10 July are invalid because the convertible notes haven't yet been issued, and Resolution 8 must also be invalid for the same reason.
Or don't the ASX Listing Rules and Corporations Law apply to Tikforce?
TKF Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
