Thanks Buddy, I am not a lawyer but I spoke to our corporate counsel today. She said that as soon as an individual, company, or group acting together on all things has over 5% they have to lodge a "substantial shareholders notice". She said it doesn't matter if they do something like the 249d or just sit there doing nothing, to be in compliance with the corporations act they have to lodge the notice. She also said that shareholders who only get together to lodge a 249d would not need to lodge a substantial shareholder notice.
Being a lawyer she didn't want to say what the whole, 249D, invalid, substantial shareholder notice, 249D meant but she did say if they were a group over 5% they would have been in breach of the corporations act and the obligation is on them to declare.
I'm not sure how serious this is but you have to say optionco are learning as they go along, so are they really appropriately qualified for this? That combined with the inability to source recent background on them makes me really nervous. Just need an opportunity to trade!
CTP Price at posting:
18.0¢ Sentiment: Sell Disclosure: Held
