Misleading Statements in JRV ASX Announcement

Please be advised that SDI's lawyers have lodged a complaint in the Supreme Court of New South Wales against JRV regarding a number of issues attendant to the 24 November 2016 Extraordinary General Meeting called to remove the board of JRV.

That is a matter of public record. His Honour Mr Justice Black’s orders state:

“The proceedings will be listed before Lindsay J at 10am, Tuesday 22 November 2016 with an estimate of 1 day.”

But once again JRV has mislead the market by stating in its 18 November 2016 ASX announcement that:

“At a directions hearing on the afternoon of 18 November, the Supreme Court referred the matter for further consideration and possible hearing on 22 November.” (emphasis added)

This is simply wrong and purposefully misleading by JRV: it is not a "possible hearing," it is serious litigation against JRV that will take place in Sydney on 22.11.16.

Further, JRV's ASX announcement claims,  

"?To prevent misunderstanding, the Company confirms that non-payment of the expenses of calling and holding the meeting by 18 November 2016, will not invalidate the proposed meeting on 24 November."

This statement is also misleading.

There was no misunderstanding: JRV had no basis for threatening the JRV shareholders convening the EGM with a $78, 289 bill, nor with threatening that non-payment would invalidate the meeting.

Neither of these statements are true.

Suneeta Sidhu, Senior Specialist, Corporations at ASIC agreed:

"We are unable to see the legal basis for the statement by Jervios that the failure of the requisitioning shareholders to pay the amount of $78,289 by 18 November will raise doubts as to the validity of the proposed meeting to be held on 24 November."

The ASX concurred with the ASIC opinion and requested JRV retract the statements; JRV refused.

Between the discontinued defamation law suits, the failed attempt to convince the Australian Takeovers Panel to suspend activist shareholder voting rights, and the litigation attendant to trying to obstruct, invalidate or otherwise mislead JRV shareholders regarding the 24 November 2016 EGM, the board of JRV has wasted a tremendous amount of shareholder money.

When will shareholders say, enough is enough?