Thanks pbd, my cut and paste gave me a headache even glancing at it. There is another article out today where you can all see a pic of my unsmiling family, there is a happy photo in the body of article so please don't think we are always miserable.
A poster previously mentioned here that Mike Timoney did not pay face value for his shareholdings, this went to question 1. of my letter to Mike. I have gone back through ASX announcements and found "Notice of initial substantial holder Mike Timoney" (30.04.2018), this reveals that Mike paid a "nominal" amount for 9,659,000 fully paid ordinary shares.
A further $15,000 was paid for 18,000 shares via a 'tranche 2' pre-IPO fund raising (this opportunity was made available to sophisticated investors, we did not participate fortunately due to other investments at the time).
I have heard unconfirmed rumours as another poster mentioned of Bartercard 'trade dollars' being involved in this "nominal" amount, I have been unable to confirm this though. I have very real concerned that given Mr Timoney does not seem to be a significant investor in the company his interests may not align with other shareholders. Certainly for those who like me purchased through the IPO and immediately after (I got some at $1.16 too), we need to see a significant turnaround to breakeven.
I and many other JVPs and dentists remain confident in Tony McCormack as CEO and his comprehensive turnaround strategy. It is extremely important all shareholders vote at the EGM.
As always happy to be contacted to discuss further [email protected]
SIL Price at posting:
15.5¢ Sentiment: None Disclosure: Held
