Australia's largest stock trading and investment forum Australia's #1 stock forum

IHL

Click for more information

0.00%

4.1¢ incannex healthcare limited

General discussion, page-19675

First 19675 Last

Share
Profile

Follow
sylau90

1,426 Posts.

189

10/04/24

06:59

Post #: 73267589
Share
Originally posted by sapporo: ↑

If only you could take a squiz behind the mahogany doors to see for yourselves how the IHL Board earn their fat cat wages, pay raises, performance bonuses and eye-opening consultancy fees.

Perhaps you will see a picture of 5 men with sleeves rolled up, hard at work spilling their sweat and tears to create a return for the loyal shareholders that invested their trust and money in them.

Or perhaps not.

We can glean some of what they’ve been up to since delisting from the ASX from 5 Nasdaq announcements dated December 21^st, 2023.

To give some background, go back and check out the Board’s holdings when IHL left the ASX. This is dated June 30^th, 2023.

View attachment 6094433

The company at that time had 1,587,277,020 shares and per the “Schemes” booklet, a consolidation would occur upon redomicile of 100:1 to reduce this number to 15,872,770.

Based on the Board’s previously announced holdings, their holdings adjusted for consolidation (divided by 100) was expected to read:
Joel: 237,488 shares
Troy: 366,520 shares
Peter: 170,846 shares
George: 669,721 shares
Bob: 0 shares

Oh boy are those estimates way off.

Here is what the BOD currently owns according to Nasdaq announcements:
Joel: 1,577,485 shares
Troy: 1,036,512 shares
Peter: 270,874 shares
George: 769,721 shares
Bob: 100,000 shares

View attachment 6094436

View attachment 6094439

Doesn’t sound like that much, but if you multiply these shares by 100 to bring it back to the old ASX IHL numbers, it seems the BOD has been printing themselves shares like confetti.

Current listed holdings adjusted:
Joel: 157,748,500 shares
Troy: 103,651,200 shares
Peter: 27,087,400 shares
George: 76,972,100 shares
Bob: 10,000,000 shares

This would make CEO Joel Latham the number 1 shareholder and Chair Troy Valentine number 2.

The amount of consideration put into the company’s coffers for all these additional shares is a total of $0.

That is, it appears the board has heavily diluted the company at multi-year lows arguably for their own self-enrichment.

If the share price was ever to get back to its all-time high of $AUD 0.70 cents, Joel would own the equivalent of $110 million big ones and Troy not that far behind on $73 million.

Sure, they work for the company, but aren’t they being paid more than enough already?

View attachment 6094451

The money from the loyalty options that shareholders paid 35 cents for (but the board balked on) is almost already all gone.

But how is the share price expected to climb back to an all time high with all this dilution, first APRIx and now the board?

This Board you have invested your good faith in can drop their bags on-market creating more sell pressure on the share price and cash in all the way to the bank for no money down.

For shareholders it’s important to note these shares are awarded in four tranches; only a quarter have been given so far but another quarter is due soon on June 30 this year.

Maybe it’s possible it can be reversed but the transaction looks legal – sneaky, but legal. Per p.60 of the "Schemes" booklet:

View attachment 6094457

It’s your company too, not just theirs. They would never had gotten this far without you.

You deserve better.

Imho and GL to the real people on here

Expand

Mate, in their defense, the market has no bottom and no top...

ops, sorry, wrong quote.

Mate, if you compare Joel's salary to any peer companies his wages are industry standard and he is having a hard time to move to US with the family.

By the way, even if Joel says today, they decided to redomicile back to ASX, I can guarantee you there will still be lots of Muppets to support the move.

I would highly recommend you read the latest thread on Reddit. I am actually surprised that the thread was not deleted and not much loyal members jumped on it to question the original poster. Probably because the OP was one of the loyal members.
IHL Price at posting: 4.1¢ Sentiment: Sell Disclosure: Not Held
3 Upvote

0 Great analysis

Reply

There are more pages in this discussion • 162 more messages in this thread...

First 19675 Last

Add IHL (ASX) to my watchlist