GMV (ASX) IPO update

Originally posted by No_8: ↑

How can this possibly be allowed to happen? First the ASX shareholders, including directors and others get diluted by 90:1. Ok, I can wear that. Not happy but shite happens. The directors lost 90% of our equity. Their responsibility, not ours as retail shareholders. We rely on their skill and integrity to manage the company. Sadly my reliance on these people was misplaced. GMV then lists on the Nasdaq with a much reduced number of share on issue, so yes the directors and major shareholders were diluted, but hang on a minute. The directors think of a cunning fix for this most unfortunate loss of their % ownership in GMV. Easy fix by just issuing ourselves new performance shares. 4,460,000 performance shares in total to be exact. In ASX terms that equates to 418,500,000 new shares. Nice. For the directors that is. We get zilch. What have these directors delivered to date to deserve such a gratuitous handout? They effectively lost all our capital, hence why we were diluted by 90:1. I would have expected responsible directors to have made that up first before even contemplating issuing themselves with a bonus for high performance. Please remember these very same individuals are being well rewarded by the company as part of their employment and governance responsibilities. I am truly disappointed the US regulatory systems allow this type of behavior.
This is probably one of the most disgraceful exhibitions of greed and self indulgence by directors of any company in the world. I just hope someone shorts the hell out of GMVD before the qualifying dates and all these performance shares are cancelled.

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The reason we cratered and delisted was their Performance.
The reason we got consolidated 90:1 was their Performance.
That's the Performance they should be recognised for.
But while shareholders wear the punishment for Yacov's appalling management -- when they find a way to make revenue, the upside goes all to the Board, not the shareholders.
It's the opposite of how companies are designed to work.
And you'd think that being listed on Nasdaq would prevent wholesale Wild West plunder from shareholders like this. Shareholders can't even vote them out if the Board can simply print themselves a shareholding majority whenever they want.
There aren't strong enough words for Yacov's disgusting criminality.