Nice to see the capital raising.
But as usual there are more questions than answers. It seems the new Ruski shareholders have far more rights than existing shareholders, they have more information and they will take control of the company and not pay shareholders any premium. mmmm
Then what's the story with Bruce Gray. The documents today state the following:
Litigation Risk
Bruce Gray, a director of the Company and substantial shareholder, has indicated that he considers that he may have a claim
against the Company and several of its directors in relation to certain representations made to him in connection with the
Company's February 2013 placement. No details of the quantum of the alleged loss have been provided. Another shareholder
has indicated that he will join any claim brought by Mr Gray. The Board has reviewed the facts surrounding the alleged
misrepresentations. That review has not indicated to the Board that any officer of the Company has acted improperly. If any
claim is brought it will be defended vigorously.
When did this all happen? When was it disclosed previously? The russians have a letter fron Allens lawyers regarding litigation. Why doesn't everyone else. Why do some shareholders get info and not others? Is Allens legal advise material? Considering it is important enough for the russians to come in with the money, then surely it must be reasonable for the document to be released to all shareholders who are putting money in. there is an SPP coming up. Will the legal advise regarding litigation also be provided to existing shareholders.?
The release today says,
Allens has provided an updated final legal opinion which may be relied upon by RDIF in relation to any actual, pending or threatened dispute or
litigation disclosed to RDIF prior to the date of the subscription agreement.
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