So, APG chairman Cuthbertson "misstated the amount of fully paid ordinary shares" he owned in the Directors Interest Notice (3Y) that was submitted back on 25 Dec 2015.
In the statement accompanying the Revised 3Y, it states that these "misstatements" were clerical errors on the part of previous APG company secretary Gaston.
In the 3 page statement it mentions that the " correct disclosure should have been 17,667,667 fully paid ordinary shares (FPO)".
If you go to the ASX website, Company announcements - you can easily find the original 3Y for 25 Dec 2015. I will summarize what it said below:
Appendix 3Y Director -Terry Cuthbertson
Indirect Interest - Kore Management Services
Date of change - 4 Dec 2015
No of securities held prior to change - 7,166,667
Class - ordinary shares
Number acquired - 2,500,000
Value/consideration - $15,000
No. of securities after change - 9,666,667
Nature of change - Shareholder Share Purchase Plan
To refresh shareholders memories - a Shareholdrer Share Purchase Plan (SSPP) was announced in Sep 2015, extended a few times and finally completed on 30 Nov 2015.
At the time, all 3 directors, Cuthbertson, Turbot & Harrison, took up their full entitlement of 2,500,000 shares at $0.06 ie value = $15,000
Now lets look at the recently released, Revised 3Y for 25 Dec 2015. I will summarize the info that relates to FPO shares below - make it easy to compare.
Appendix 3Y Director - Terry Cuthbertson
Indirect Interest - Kore Management services, of which Mr Cuthbertson, is the sole director, secretary and shareholder.
Date of change - 24 Apr 2019
No of securities held prior to change - 2,666,667
Class - Fully Paid ordinary shares
Number acquired - 15,000,000
Value/consideration - $15,000
No. of securities after change - 17,666,667
Nature of change - Participation in Shareholder Share Purchase Plan
Notice anything strange here !!!!!!!!!!!!!!!!!!!!!!!
In the original - Cuthbertson acquires 2,500,000 shares for consideration of $15,000 in the Shareholder Share Purchase Plan
In the revised - Cuthbertson acquires 15,000,000 shares for consideration of $15,000 in the Shareholder Share Purchase Plan
What do shareholders think is going on here ???????
Wilcox
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