EIQ 6.82% 23.5¢ echoiq limited

Misleading asx announcement

  1. 926 Posts.
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    This announcement is designed to mislead. The $12m in loss is from the accumulated losses of the mining company shell Parmelia Resources - so it has nothing to do with the operations or listing of Veriluma - to suggest it is associated with listing expenses is ridiculous. Its an accounting entry attributed to the former company. This is disgraceful announcement and ASX should not allow that. It is clearly untrue. Also Millenium pulled the $400,000 facility that was set up (due to conditions they say!) but that was never disclosed to shareholders or the market. The withdrawal of that facility set up the company for the VA decision by directors who clearly want the tech and assets for themselves and whose aim seems to be to gain them cheaply from an administrator who is their associate. This is an administrator who is hostile to the shareholders, who shut down the AGM without considering the Shareholder votes on the resolutions, who admitted that he had had dealings with directors in the past and is clearly biased against the best outcome for shareholders. This is a disgrace. ASIC needs to look much closer. Why are they not looking after shareholders??
 
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