Joe,
I have long held a suspicion that Rogers is looking for ways to acquire more cheap shares for himself,his family and associates and looks like I am right. This was the wording that I used when I went to ASIC in 2017 because I didn't actually know what he was up to and they found that his son had participated in the Private Placement that was not allowed.
He put the 5 for 2 rights issue up hoping that way to secure a large holding but shareholders exposed that for what it was and so Instead of paying wages to senior management they have taken con notes at a very cheap price to allow them either control of the company or a major share and looks like by not paying his own wages he has done something similar.
This bloke is just dishonest, and because he was the CEO and Chairman there was no one to stop him as he had removed the other independent director and that is why we didn't have an independent director as no one would put up with this. That is the reason another director was not appointed....what a disgrace
He has just about breached every rule in the book and ruined the company yet thinks he is going to get away with masses of shares by claiming he didn't take a wage
We need an accountant to go through the books urgently because there is mention in the Fin Report 2017 of share based payments over $350k to someone in key personnel and his directors fees are over $360K. Nothing is clear which is also probably deliberate.
However there are strict rules about financial reporting and both directors are liable even if only one is dishonest and so I appeal to both Ian Gandel and Anthony Gray to order independents accountants to immediately go though the books and get to the bottom of this mess. We need to know actually all payments made to Rogers in the last 3 years
