goodbye tectonic resources, page-9

Well, billmac, our votes against anything would have counted as ziltch in view of the large number of "Pro" votes......
I was not happy about the consolidation, but after having the perceived need for it explained to me, I did in fact vote for it. Firstly, because I knew voting against it would not stop it, or any other agenda listed...secondly, because its an integral part of "the Plan"....
As described in the Audio overview, the consolidation was necessary in view of the proposed issue of shares as part of off-take and financing.....
Our 513 mill shares will reduce to 64 mill, and new shares (to Offtake & finance partners) will bring the shareholding back to 200 mill +. Without consolidation, we would have been up in the billions (well, 1+ bill, anyway)........
So they are going to issue 136 mill new shares to 3rd parties as part of the plan to get us up & running, so whatever our holdings, we will be hugely diluted.
The name change I agree with.....TTR has become tainted in the public eye.....
The Constitution ? Yep, necessary.....
And....shares to directors and employee share plans are now part & parcel to all companies.....not much point in opposing them.
Thus, I confess to voting FOR all items.
I wish they had gone another way, but if it has to be, it has to be....there may be advantages, there ARE dangers.....
We old hands will be outnumbered 2:1, or 136 mill to 64 mill.....and assuming the new shareholders are foreign entities, therein will lie the danger...if through their shareholding, they can assume control. Phillips River Mining could then run at "break-even", with the real profits being realised overseas in the sale of the concentrates through the foreign entities. Now, I have absolutely no reason to suspect that could happen, or be on the drawing board. I'm just raising a possibility that could arise anywhere that a company is controlled by foreign interests. Just a bad dream, mate.
I'm hoping that Phillips River will emerge at 40c +, and that good announcements will drive the share price up from there......
Back to you, billmac. Be gentle with me....

cheers
GZ