i emailed asx and put a complaint to asic

Hi GXN shareholders, if you are unhappy with the current GXN Board of directors behavior, you can email ASX and can put your complaint to ASIC as well.

I called ASIC on the number that someone provided earlier here in HC 03 51773988 then selected option 2 and then selected option 2 again. I explained to the lady the problem we have with GXN and she asked me to put a complaint on their website, and to get quick action within 48 hours she asked me to write at the top of the free text field "URGENT".

I also wrote to ASX compliance officer for GXN Mr Dale Allen, email: [email protected]

I basically said:
I am a shareholder of GXN and I am very concerned about current Board of Directors calling for a general meeting just 3 business days prior to the scheduled 249D meeting, where potentially two directors could be removed/appointed; makes be question the honesty and the interest of current Board.
- 15/04/2013 Global Metal Exploration notified ASX that an s249D meeting is to take place on the 22nd of May 2013 and I still have not received any documentation in regards to this matter.
- 17/04/2013 Global Metal Exploration rushed to announce a general meeting as they intend to print almost 1 billion shares and all that to take place just 3 business days before the scheduled 249D meeting. (ASX approved announcing that general meeting even tough, the notice of general meeting had many mistakes that ASX could have forced the company to amend).
There is not known impending commercial forces making the company call for the general meeting prior to the 249D meeting. By calling this general meeting the directors may not be showing transparent good governance. ASX please investigate current directors intentions and let me know if our current perception of their actions is correct.
With this message I am requesting ASX to contact the company and understand the need for that general meeting to be before the 249D meeting. I would like to se the general meeting deferred until after the general meeting or at least combined the two meetings.
It also appears that the Board signed a convertible note agreement back in January whilst the company was also under another 249D notice, this appears to be excessive if they already had going an SPP for around 185 million shares (with a waiver??) and a 64Million shares placement/DEAL? to Harry Fung apparently with options, options that some reports show and some other reports do not.

The actual convertible note agreement has never been published to the market. The Board has been given the market just pieces of information at a time. First time we heard of it was in the half year report where they gave us a little bit of information, then the Board gave more details in the general meeting in question. Shareholders now need to put all those pieces of information on the convertible loan to potentially have an idea what the company actually signed. We still not sure if the company has disclosed all the details of that convertible loan.


Kind regards