conversion price

A company chairman is obliged to act in the best interests of all shareholders. Not just a select few. Otherwise a chairman is unethical.

JOHN EVANS is our chairman. I have re-read the announcement regarding the La Jolla deal.

On agreement from Intermoco the conversion price can be lower. Much lower than .0017c if Intermoco agree.

Unlike previous chairman's who basically let Director's run the show our JOHN EVANS is in no way similar. He is the Captain of the ship and is making the important decisions. Possibly why Meehan made a swift departure. He probably didn't want to be a party to what JOHN EVANS has lined for us.

This La Jolla deal is JOHN EVAN's initiative if that's what I should call it.

JOHN EVAN'S appears to have bowed to La Jolla's request for a bigger discount. JOHN EVAN'S is bound by contract to give a 15% discount but also has the right to give a larger discount if he desires.

What JOHN EVAN'S has done is given La Jolla a 45% discount instead of the contractual 15% discount. This is a 200% greater discount than what is required by contract.

We know we need the funds. We also know that La Jolla are a necessary evil. And yet JOHN EVAN'S acts in this manner. It's not in the best interests of all shareholders. Not by any measure.

If JOHN EVAN's allows La Jolla any more discount above what is required I think ASIC should be informed. Initially you make a complaint via email and then ASIC will follow up by phone call. If ASIC get a certain number of complaints they will investigate JOHN EVAN's behaviour. Unlike the quality lip servive he gives shareholder's JOHN EVAN's will have to demonstrate that he is acting ethically which in turn is in the best interests of all shareholder's.

I speak from personal experience years ago with another company I had a small holding in. We didn't get our money back but at least management had to front up to ASIC and explain themselves. And were monitored after that.

One more bad decision from JOHN EVAN's and I will be rallying the troops because my complaint will not be enough for ASIC to investigate.

Put it this way if I can post on HC I can cetainly email ASIC. I've done it before and will probably have to do it again. I know many shareholders, most have small holdings but they will complain if required.

JOHN EVAN'S bowing to the whim of La Jolla is not only spineless but also another kick in the guts for shareholder's.

If you can relate to what I'm saying give us a thumbs up pls. We need to stop this injustice before it destroys us all.