As the announcement of the 5 for 2 non renounceable rights issue is so devastating for small to medium shareholders and definitely not in the best interests of shareholders, it would have called for the urgent resignation of the only independent director and the reason that he was not replaced. No one would want to be associated with a rights issue like this one. hence we have no independent director which breaches our own constitution. This was timed so that the uninformed and never updated shareholders would think that it had something to do with the repayment of the note but of course it was all just part of the deception that the Board was planning.
Also as a 5 for 2 is so devastating it is not allowed and so Rogers and Co had to get the company into suspension so as to obtain a waiver from the ASX. CTL 3th August 2018 Waiver.
"A listed entity is not permitted to make a pro-rate offer at a ratio greater than 1 for 1 except where the pro-rate offer is renounceable"....."the rule allows smaller holders to either maintain their proportionate holding in the entity without requiring an excessive outlay of funds or being excessively diluted or to realise value by selling renounceable rights"
However Rogers is so MEAN that he did not even want his shareholders who cannot afford to participate to be able to sell their rights issue so he made the rights issue non renounceable( the rights cannot be sold) and because this is so harsh it is not allowed unless the entity is in suspension......so Rogers placed the company in suspension and now we know the REAL reason for this.... he wanted to be able to wipe out his small shareholders but because ASX has protection to prevent this from happening he had to find a way around it....go into suspension. How did we get such a mean, greedy, self serving, deceptive and dishonest etc etc Chairman. ASIC must be wondering as well
The amount of manipulation, deception and dishonesty that Rogers has gone to this year to coordinate events has the making of a movie. ASIC must be enthralled waiting for the next instalment.
Rogers has been so busy trying to cheat this shareholders that his role as CEO has suffered and now the company is doing poorly but of course that is just another part of the scam
IMHO
Rogers must be BANNED as a director just in case he moves on and tries something similar at another company.
BANNING him would be a benefit to the broader community and not just CTL shareholders
CTL Price at posting:
0.9¢ Sentiment: None Disclosure: Held
