Thank you for your response on behalf our Chairman.
However, I must say I find this process very disappointing. The directors and ceo were upbeat regarding company progress and the ability to meet debt commitments less than a month prior to recommending we sell out to LLC. I agree it is undesirable to sell assets in the current market, however it is even less desirable to sell the whole company. A capital raising, if required at all, is a far more desirable approach.
We need to hear from the directors regarding their reasons for recommending the sale to LLC now…isn’t this the companies duty to provide full market disclosure…has something changed over the last month that we should have been informed about that impacts LLP’s ability to repay debt…it would seem to me that capital raisings are only getting easier over the past few months. Given the nature of the LLC relationship with LLP, I would have thought that directors would have been going the extra mile to ensure shareholders are fully informed, and immediately.
Unfortunately, we all know that independent expert reports are typically supportive of directors desires via a valuation range that you could drive a bus through. So in the absence of immediate disclosure of the directors reasons, I will be expressing my disappointment by voting against the re-election of directors.
Regards
LLP Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
