conversion price, page-4

Good post Albuera

I was doing some research on Evans and had a look at another company of which he is a director.It's called Medivac (MDV) The circumstances there are hauntingly similar to those at INT

Non Exec Director-John Evans
Significant shareholder- Steven Copulos ( who was also a non exec director until Feb last year)
Funding agreement with La Jolla Cove
A 20 for 1 consolidation of shares approved at MDV's AGM

And surprise surprise...the stock is trading at half its PRE CONSOLIDATION price, meaning shareholders have a twentieth of the shares they had at half the value....And guess who has been dumping millions of shares?

Now John Evans would obviously be aware of what has happened to the share price post consolidation yet he has still tried to convince INT shareholders that somehow consolidation is good for the general body of shareholders...What nonsense!! The MDV experience would have amply demonstrated that consolidation for the sake of it is a doomed practise. We are armed with this info should he try it again.

Now whether INT could have secured funding elsewhere, I don't know. I'm also unaware of the precise terms of Evans's understanding with La Jolla....perhaps he exercised his discretion to grant the lower conversion in return for an understanding that shares wouldn't be dumped at 0.001c

But while I agree this spits in our faces, lets not lose sight of the fact that with La Jolla's money our future is secure for the time being and we have the resources to grow the business. All the directors have skin in the game, so they have a vested interest in a siginificantly improved shareprice, as does Mr Copulos who is clearly as much underwater as we are

It may take longer to claw back our investments but I believe there is a future and I will continue to take advantage of La Jolla's short sightedness at these levels

On the subject of ASIC, though, do not even waste your bandwidth on e-mails to them.A more spineless, toothless, gutless and ineffective organisation you will be hard pressed to find.