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17/11/19

21:26

Post #: 41473774
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Originally posted by underdone ↑

After sending the email to OBJ I received a reply from Mr Edwards. Today I sent him an email (more or less as follows).

Dear Mr Edwards

In response to my email to you, you suggested that I speak to Mr Verano who you “believe … will be able to set aside (my) concerns”.

You also said that

“I see the effective merger of NS and OBJ provides enormous opportunities for OBJ’s current and future Technologies. I see terrifically exciting times ahead for my technology division.”

I have considered those comments and observe that in the merged entity the existing shareholders of OBJ will only hold about a quarter of it. They will be heavily diluted, will lose ownership of the OBJ technology and are entitled to know why.

There are also two other matters.

An ASX Release from Crowd Media Holdings Limited reported its incoming Chairman, Steven Schapera, as saying

“[We] know the millennial customer inside out. We know what they are interested in, how/why/when they want to engage, and how they want to pay. It's an intimate knowledge held by very few. On this basis, we have a clear idea of what products and services Crowdshould be selling and are well progressed in driving these opportunities.”

Those comments are consistent with the Peros strategy and reinforce our concerns that, far from using the internet to market OBJ products, OBJ is being given to a [company which distributes products to traditional retailers."]

In any case, OBJ must be close to breaking even [by which I refer to its core P&G business. Obviously it needs to fund Wellfully, which is obviously not funded by any income from P&G.]

“The Board needs to disclose the company's likely income and explain why there is any urgency to give the company to Nutrition Systems?”

Please confirm that the Board will consider and give a full response to the questions which have been raised.

Regards

Expand

“The Board needs to disclose the company's likely income and explain why there is any urgency to give the company to Nutrition Systems?”

I’m curious to know why you think the Board is trying to ‘give’ the company to NS. Their proposal is to acquire it, not NS acquiring us.

OBJ Price at posting: 1.5¢ Sentiment: Buy Disclosure: Held
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