i understand that the convertible notes for 2bill shares themselves need to be approved by the shareholders before 31 july.
other than that, did your friends -the whn directors -indicate why they did not completely forgo cash payments from the company in return for shares (during H1 for example), until such time that this deposit for new asset vs farming out another portion of seychelles to cover it was not concluded successfully, so that the company would then be on a stable footing, and they could then continue receiving their excessive director fees ?
they have not fulfilled their fudiciary duties to shareholders.
they have not been transparent with the shareholders, and they have not disclosed all the necessary information to the shareholders.
(more details of the 500k loan should have been disclosed, as well as the connection with the Magna deal..)
they have not been accountable to the shareholders.
Had they acted in a truly transparent manner, by disclosing in depth what exactly they were up to, they would have realised how ludicrous in terms of risk-taking this attempt at financing actually was.
Shareholders would have had the opportunity to communicate to them that it was unnecessary to go for more assets, while they could sit tight for a year or so and let the period of low oil price ride out.
(An individual can take a credit card loan to pay for some shares which might go up in price; but whn has effectively taken out the 500k creditcard-type loan or even worse, and hoped it would be covered by then selling off some more seyschelles project -if your 2nd hand info is correct.. this sort of risk-taking is something an individual has a right to do with his/her own funds, not with shareholder funds !!)
besides that, someone on here has been stating that the ECP mob are connected to the former Chairman, which would be breaking some boundaries in terms of legalities no doubt..
QFY Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
