Thanks you and I have emailed PA with a class action query will...

First 15 Last

Share
Profile

Follow
Puntncollect

546 Posts.

91

20/11/20

18:07

Post #: 49028378
Share

Originally posted by Beachcomber4: ↑

Has anybody asked for advice from an American Lawyer?
A previous thread said the document was for creditors of Speedcast.
This is correct.
As shareholders we have no entitlements or claim for compensation.
The DOCA will leave us with nothing. Our shares have 0 value.
I will do nothing. Document is a way of saying this is the end for you.
Without saying it.

I need other shareholders opinion or views on when and how this has evolved.
As shareholder I didn't get warning of build up of debt.
Company displayed strong EPS growth to EOFY 18 of 54%
Strong revenue growth.
Free cash flow growing very strong over 18 mths from 11c to 24.7c
This company was performing remarkably well and was a good investment.

What wasn't revealed was Board was borrowing from Centrebridge and Black Diamond not from a reputable bank.
The board kept on borrowing till the debt reached $634m US.

Company never revealed to shareholders debt as a problem.
Until FY19 AGM, the auditor PWC LISTED DEBT AS A MAJOR PROBLEM AND WANTED IT NOTED IN THEIR AUDITORS REPORT.
Directors then just never submitted FY19 financials to Australian tax department.

I raised questions about number of take overs in discussion with Peter Jackson and Grant Ferguson.
I was chastised by executive who said, Peter Jackson has done 40 take overs in his career and has done very well.
Company went into trading halt on 3/2/20 and never traded again.

I have contacted Piper Alderman in Sydney who said the Bankruptcy procedures will go ahead.
We now have to determine if the actions of Directors were in best interest of shareholders.

I suggest other shareholders contact Piper Alderman by email and join the class action.

Expand

Thanks you and I have emailed PA with a class action query will post any feedback here in due course.

SDA Price at posting: 79.0¢ Sentiment: Sell Disclosure: Held
1 Upvote

0 Great analysis

Reply

There are more pages in this discussion • 131 more messages in this thread...

First 15 Last

Add SDA (ASX) to my watchlist

Thanks you and I have emailed PA with a class action query will...

Featured News

Daily ASX Market Open: Shares to open up with wages decision pending -June 1, 2024

The $ and the sense: Andrew Demetriou talks through sports deals that shaped AFL

Daily ASX Market Close: Late run sees market lift 1%, May 31, 2024

Making the best of an inflationary environment

Little Green Pharma's cannabis sales leap 30%

Thanks you and I have emailed PA with a class action query will...

Featured News

Top Stories

Daily ASX Market Open: Shares to open up with wages decision pending -June 1, 2024

The $ and the sense: Andrew Demetriou talks through sports deals that shaped AFL

Daily ASX Market Close: Late run sees market lift 1%, May 31, 2024

Making the best of an inflationary environment

Little Green Pharma's cannabis sales leap 30%