Is not a good look....in essence if I am reading this correctly;
- shares issued 26/10, undisclosed
- invalid notice submitted
- shares traded/sold and were not allowed to be due to class of securities not being suspended for a period of longer than 5 days during the 12 months since release. Disclosure notice non compliant.
- company now seeking orders from federal court to determine the sale or trade of these shares is not invalid.
In my opinion - I have an issue with the timing of the release of these shares co-inciding with a couple of "big news" Anns providing liquidity. There was a sell out on news during the period in question....unknown if it were the recently flush option holders. A conspiracist may suggest there is more to it. A simple error by the secretary ? Maybe, who really knows - Let's see what comes out of this in the wash now as the ASX and federal court have rulings to make. I wonder if ASIC is standing by....should the Fed rule invalidity, the wait to come back to the boards could be a long one. IMO
Imagine then, the faces of the company directors as they greet loyal holders at the pending AGM. Could be an interesting meeting.....is rightfully so that share holders express and have their voices heard - loudly !
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