As a shareholder in Jumbuck, I see Primary Opinion and Capital Raising as a move by the Directors and related parties to take control of the Company. At the moment they only have <33% of the company shares. Other shareholders should be aware that if this goes ahead, their shareholding in the company could be reduced by more than 80%. It's also interesting to note the new LOW that the directors have nominated to acquire the new shares at, 1.2cents. A fairer way to do this would be to have a right's issue at 6 for 1 shares held. This way existing shareholders could sell their right's if they did not want to invest more money into the company. I say this because, existing shareholder's and myself have invested more than enough money into this company already. There is another way the directors and related parties can gain full control of the company. Simply by buying the 17% of the shares they don't have, through the open market of the ASX. See if you can get them for 1.2cents, then. As an existing shareholder to other existing shareholders, apart from directors and related parties, we hold over 67% of the shares in this company, think twice before voting for these changes. I won't be voting for it.
JMB Price at posting:
8.5¢ Sentiment: Hold Disclosure: Held
