Unbelievable share consolidation, never seen a 150 to 1 consolidation before.
Talk about absolute dilution of existing shareholders, current 1,040,437,062 will become 6,936,247.
As per the annual report
On 6 March 2017, the Company issued a notice of meeting to obtain share approval for the following matters: • consolidation of the issued capital of the Company on the basis that every 150 Shares be consolidated into one share and that options on issue be adjusted in accordance with the Listing Rules;
• the issue of up to 37,000,000 shares to creditors to convert existing debts into equity; issue up to 127,500,000 shares and 67,500,000 options to holders of convertible notes;
• and issue up to 175,000,000 shares in a placement to raise $1,750,000 before costs. On 10 March 2017,
Mr Brett Fraser stepped down as Chairman and non-executive director and
Mr Robert Beeson stepped down as a non-executive director of the Company
Certainly will be voting against most motions. Shareholders have been and continue to be treated as mushrooms by the board and management.
View attachment 505770
Worst ever investment I have made.
