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rusty02

3,836 Posts.

1919

16/09/24

08:18

Post #: 75685783
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Originally posted by Damianache: ↑

It appears that Ashfield's calling for class action may have gained some steam. A number of interesting emails have been floating around. It looks like one of their Alignment brotherhood has secretly turned turncoat and realised the game is up. He may be whistleblowing against his former colleagues.

Looks like Joel and Troy's days are numbered.

The class action seems to be make the following accusations:

1. Was the APIRx purchase a purely fictitiouspurchase (it appears that many believe it was a deliberately hyper inflated price to allow "Voting Power" to be owned by the very people who control it now)? With the power of the vote they seemed to have managed to get points 2, 3, 4 and 5 underway.

2. The Redomicile - It appears that there was never any value to shareholders from this - it appears it was designed to allow escape from oversight in Australia by the ASX - is this true?

3. Joel/ Troy/ Peter have given themselves over 20% of the entire company share capital for free - The class action refers to this as financial advantage by deception.

4. The non-market salaries for such a low calibre team (a non-tertiary educated CEO), a small-time retail broker masquerading as a non-executive chairman and a mid-tier retail manager pretending to run a medical clinic. The millions of free shares, bonuses, salaries - pure greed and plundering. The class action refers to this as self-dealing for disproportionate gain.

5. Another big truth bomb here: There seem to have been lots of payments to consultants and related parties that seem to have not been disclosed - Alignment capital being a major beneficiary, looks like lots of free options from all the raises seem to have ended up in the pockets of a related party. There hasn't been many disclosures either? Perhaps the litany of former auditors will testify about what happened or perhaps the former Alignment employee turned whistleblower.

One question mentioned in the class action cokes that every shareholder might be wondering:

Where is the independent third party valuation for the purchase of APIRx?

This was the original event that allowed the plundering to continue - this should be requested from management immediately. Its likely going to have to be produced in court in the next few months anyway.

Most people are accusing Joel of doing all this corporate theft - however, the papers seem to suggest that the true architect of this deception was Troy - I'll let the courts decide.

Looks like the infighting between them has started and its now self-preservation -

All of this is IMHO DYOR and GLTA - Please don't shoot the messenger.

But - there is a class action docket circulating - shareholders who are interested should find out soon.

Expand

Wholly crap, fell of my chair. Your not the only one that has brought these points to attention. Always werry of a 2nd posted poster but my research and your above points seam to simulate.

Just to add
A/ 1AI could fall into the same road as ApriX.
B/ Ownership by directors now has virtually made Incannex into a private Company. BOD have full control.
C/ Miss-information.
D/ Conflict of interests. Alignment, 1AI, Incannex, greed.

Finally, bind Fredi could see at the shareholders meeting the Troy was the overseer.
Above IMHO.

IHL Price at posting: 4.1¢ Sentiment: Hold Disclosure: Held
2 Upvote

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