Loan was made with 45m shares as security (notwithstanding that...

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makattack

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29/08/19

10:00

Post #: 40212466
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Originally posted by shooshka: ↑

So the main points I got from reading this (other than them inserting the word 'blockchain' to imply they are producing something new) is:

Loan was made with 45m shares as security (notwithstanding that the shares may well be worthless as of today)
45m shares aren't held by George
45m shares haven't had the appropriate paperwork lodged as it is yet to be finalised.
also loan documentation doesn't exist
also he voted on the resolution to give a loan to himself
the statement that they had lawyers on the board so didn't need to seek legal advice, but didn't seek advice from the lawyers on the board and also have no idea how each board member made up their mind as to whether the loan was reasonable - that just beggars belief.

so how can he have them as security if he doesn't own them? (I understand there are ways - but just think it is a bit of a joke)

I was already thinking this ends in a removal of listing - but this release makes me think it probably ends in potential legal action also.

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Loan was made with 45m shares as security (notwithstanding that the shares may well be worthless as of today)

I raised this as a possibility. What a joke. No bank would have accepted this as surety. It's bordering on criminal now.

ZYB Price at posting: 1.5¢ Sentiment: None Disclosure: Held
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Loan was made with 45m shares as security (notwithstanding that...

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