Approx 18 months ago the VNX share price closed at just under 3cents at 2.7cents.
Mr Smith had 1million shares valued at close at $27,000
Here we go:
1 million consolidated a few months later by 3 to 1 leaves Mr Smith with 333,334
These shares which have no value at the time are NOT tradeable on any share market.
As of today July 6th, Mr Smith still has 333,334 VNX shares at no recognized value.. Agree?
After the upcoming meeting of shareholders on 28th July , say 1st of August Mr Smith will have his 333,334 VNX shares consolidated by order of the board to 5 to 1. This means Mr Smith will have 66,667 shares.
The placement of 10c a share now ill give a value for him. Mr Smith you have $6,667 worth of shares
Well done Mr Smith at last day of trading when the shares were dumped your holding was worth $27,000 you now have a tax loss of over $20,000.... $20,333 to be exact.
Please note the placement price next month before the 5 to 1 consolidation is at 2 cents. If you want to work that out that equates to less than 0.007 ( point 7 of a cent placement price ) at the last day of trading.
This board has gone back wards and share holders are paying for it.
To top it off ALL the Directors have their hands out for shares & performance shares of a combined total of 369 million four hundred thousand VNX shares before any consolidation. Of course the Directors have used the words "Post Consolidation" to reduce the impact of their PURE GREED as the notice of meeting said 73,8880,000. But the truth of the matter is we have today 602million shares been issued and they want us share holders to give them 369,400,000 ... For what. Angus and Matt pick up each just under $250k a year plus, plus,plus
VOTE NO at the meeting, we already foolishly handed out 4 million shares to the 6 of them last year.
In regards to the Deed of Assignment of Oper8tor... Vonex share holders own the patent and the company thru it's back door listing of AWD.
How did you think Angus, Matt Fahey and the other owners got their shares? They are listed in the Top 20 shareholders and said so in the original prospectus by AWD how many shares they were issued and for what.
Watch out for the "smoke & mirrors" of this Notice of meeting shareholders.
Read carefully and like me and many other share holders we will vote NO on the 28th JULY 2017
VNX Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
