Within the new "Management and Corporate Restructure" announcement, it was stated that the company has entered into a placement agreement with Argonaut Ltd to issue 725 million shares at 0.07 cent, raising $507,500. This placement replaces the previous Skye Equity underwriting commitment of $500,000.
In my opinion, this action taken by our "new management" is considered illegal, misleading and immoral for the following reasons:
a) the original entitlement issue specifically stated that the issue price is 0.1 cent per share, and the underwriting agreement was also at 0.1 cent per share,
b) new management has completely disregarded the original entitlement issue by discounting the share price by 30%,
c) VIL shareholders have invested funds into the original entitlement issue knowing that the underwriting agreement was at the issue price of 0.1 cent,
d) new management illegally diluted the value of shares by issuing 750 million shares 0.07 cent valued at $507,500 instead of the original Skye Equity of 500 million shares at $500,000.
Your response and comments would be appreciated.
VIL Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
