RRP (ASX) Legal action for not keeping shareholders informed.

Originally posted by Maysgr ↑

The 2 scenarios are poles apart Wazza.

The Woolies case will seem to allege management knew they were unlikely to meet their profit guidance, despite having reconfirmed it after they had allegedly issued instructions down the line (internally) to improve profits/returns. This was due to decreases in key metrics.

The suing relates to financial loss suffered due to a fall in the share price AND by not meeting their continuous disclosure obligations.

We have been suspended the entire time, so the share price has not decreased.

Sure, I understand about not being able to trade, and the current price not reflecting the value of the company.

We just need to continue to be patient.

We will get news soon enough.

As an ASX listed company (with our financial year dates) we are required by law to hold an AGM by May 31.
They are also required to issue the Notice of Meeting to shareholders around 3 to 4 weeks prior to the AGM being held (not sure of the exact number of days, I would guess 3 weeks).

The company is required to lodge to the Notice of Meeting with the ASX to review. The ASX require 10-15 business days to review it. This means within the next week.

If there is no announcement by the company, we will know what is scheduled to be discussed at the end of the month (or early May).

As was mentioned to me, do you think the directors want to be turning up to the AGM without having either there being a vote on this at the AGM, or, at least having announced when the EGM will be.

The easier option is to deal with it at the AGM, but that will depend on whether things are sorted re the discussion with the ASX.

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I rang Realm 2 days ago and suggested that the AGM would be a good time to have the vote, the public relations firm employed to take calls now said that would be a good idea and that would happen in an ideal world but nothing definite. She was very good and kept saying they are going to relist. I pointed out again that the board has people on it that should have sorted this out long ago according to their qualifications on LinkedIn. Lets hope it happens soon, she kept up with the line that they are trying to comply with the ASX now and not argue the case which is what they tried and failed.
I also said I am sure the current shareholders would be happy to take up the 200 odd million extra shares they have to put out there at the right price.
She stated one of the dilemmas is what price to put on these shares and the fact they have to issue a full prospectus takes time as well.
Thanks for your feed back Maysgr, lets hope we all can have a beer and celebrate when this is over.
Regards Wazza1