These questions will be asked at the AGM;
Question to Auditor / Company SecretaryThe annual report shows $319,750 in Other Receivables as at 30 June 2019 (Page 34 Annual Report).
In January 2019 there was a placement to Professional Investors of 108,500,000 ordinary shares at $0.002 with a value of $217,000. Note 1 in relation to this placement states;
“As at 30 June 2019 $217,000 remained outstanding in Other Receivable in respect of this share placement”.
In the announcement to the market dated 29 Jan 2019 it mentions on two occasions that “these shares were placed with professional investors”. Note investors plural (more than one).
Questions;
1. Can you confirm whether it was one investor or more than one?
2. Were these shares issued to any company Director, Company Secretary, Employee or Contractor or any entity (i.e. company) associated with any company Director, Company Secretary, Employee or Contractor.
3. As of 30 June 2019 the full amount ($217,000) for this placement is still outstanding. Why is this the case and what time frame is envisaged for full payment? Is it company policy to issue shares without immediate payment for those shares?
4. Please confirm that the 108,500,000 shares issued have voting rights even though they have not been paid for?
5. As of the date of the Annual General meeting, have these shares been fully paid?
6. $319,750 was outstanding in other receivables. Subtracting the $217,000 mentioned above, please explain what the other $102,750 still outstanding is?
7. Has the loan to the company ($200,000) by the Chairman be repaid in full with interest or has the loan been converted to shares and if so at what price?
