Just caught up with the news and everyone's posts. If our new Directors read this, then here is my wish list
- look at this consultant share issue since the notice of meeting was issued. Did the parties who got the shares vote? If you have a look at the proxy position in the ASX announcement today, the vote was so close at that stage. Where the 50mill shares issued on the day proxies closed voted and included in the against votes. They were issued on 29/6 ( the date voting entitlements were determined) so if the parties who got them had already cast a proxy these shares would have been added to their existing voting position. I always wondered about the timing of these 50 mill shares. If the 50 mill were taken from the against votes, then the people who had the proxy's discretion votes could have determined the outcome. I do understand the way it works and there can be additional votes on the day, but if this issue was done purely to shore up against votes, well the mind boggles. Interestingly, on the 30/6 around 50mill plus done at market open. Is there a link to further substantiate that these shares were issued only to vote. I realise its all academic now with todays results but just putting forward my wish list.
- Given we had been told thru numerous ASX announcements, certainly since the Aug 2015 SPP, that drilling was imminent (and influenced my decision to take up SPP offer and 2016 rights issue offer); and only in May 2016 find out that application to drill further was with the MGB, when was this application actually lodged
- What due diligence was undertaken before BMV shares wee subscribed for? On what criteria did the board think it was a reasonable and strategic investment? After all, it was circa $AUD 900k. And why was there no pre-disclosure of their intent to do so in the Feb 2016 rights issue prospectus.
Good luck to all holders, but really IMHO this could not have kept going on, and if the former Directors have not acted appropriately, then I truly hope they get their just desserts
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