MARTIN AIRCRAFT COMPANY LIMITED (ASX:MJP) - MJP - Website Claims, 18498407, page-7 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by Jackio8 ↑

...... Indeed, there have been so many pledges that have not been kept. However, I wanted to be patient and witness the following key promises being broken and the time has now come:

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If you ask me, I now also doubt that these machines will ever be produced and even if, that they will not have a huge market, other than alternative golf carts, carrying up to 3 golf clubs and a dry towel, with the pilot weighing not much more than the average jockey. Mr. Coker was talking about 500 jetpacks being produced in a year, but for whom? Still no announced buyers, just a handful of non-binding arrangements and enthusiastic simulator riders in the South of France and other places around the globe. Prove me to be wrong MJP, but I am not holding my breath.

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This also shows how creative corporations can be. Martin Aircraft, being incorporated in one country (NZ), with their stock listed in another (AUS) and the cornerstone shareholder being incorporated in yet another (Bermuda, with limited liability). I am not saying that this is not legal, but extremely difficult for 'smaller' investors to conduct some deeper investigations. Response from the ASX regarding misleading information on MJP's website:

Companies are only obligated to ensure they comply with ASX listing rules and continuous disclosure by lodging information on the ASX Market Announcements Platform and not its company website.

So there we go, open a business, list on an exchange, then promise what you like on your website.

A bit more information from the MJP 2014 IPO prospectus:

I have already quoted (from the IPO) how many options were distributed to various MJP directors & managers, all at a very realistic exercise price (literally gifts). According to the prospectus, almost 6 million options in total.

I also quoted from the prospectus that Mr. Coker received NZ$50,000 just for the admission of MJP to the ASX register. The CFO also received NZ$50,000 for this formality, plus NZ$15,000 in the event that he secures anyone who invests in excess of NZ$1 million in the company. All direct quotes, avaible to the general public.

All this now makes my blood boil. They still have NZ$29 million of shareholder money to play with. Let's see how creative they will be with these remaing funds. I have written 2 letters to the Kuang-Chi managers in Hong Kong, asking a number of questions. This was several months ago. No reply as yet.