re: time to fight back Firstly, thanks for the great response to forming a shareholder group. Its a serious responsibility. I have transferred the email address to
this is due to the previous tormail address having a reply maximum of 10 email addresses per email. [email protected] is still active.
If you are a shareholder in VERUS it is important to understand we are forming an information group and your vote is still your own.
With all resolutions at an EGM it comes downs to how many votes are for and how many against. No matter your holding size, if its small you can gain power by voting with large holders and they also gain power with your added votes.
If you don`t vote you don`t have a voice. By being part of a group it helps ensure that:
1. You gain knowledge to ensure your vote is not classified as invalid.
2. The group gains a like minded power base to communicate with management as one voice.
4. An accurate assessment can be made by the group on the official vote count recorded by management. Any obvious descrepancy can be advised to ASIC.
5. It is possible to request a board seat and gain representation if the number of shares the group holds is significant.
Of immediate interest is the underwriting commitment that the company had for $1 million dollars for the issue of shares at .001. The balance of this at $500,000 appears to have not been received by the company and it is uncertain which directors, past or present have decided to raise a similar amount through Argonaut Ltd at an approximate 30% discount to the original underwriting commitment. This decision not to demand the underwriter to honor the agreement has created additional dilution of the company and has had an intangible effect of wiping $1,000,000 of the market cap of the company. It is also the reason that management are now intending to proceed with a capitalisation of shares at 50 to 1.
It is the intention of this group's shareholders to get the above questions and others answered.
Our research provides proof that the VERUS company office is on the same floor of the same building as the underwriter. The company has made an announcement that a dispute arose between the two parties over the true cash position of the company. We suggest this is not the case unless the underwriter did not complete proper diligence, and if so this is its own negligence. This is not a defence or reason to allow the underwriter the rights to cancel the agreement. Indeed the underwriter is on the record as stating its intention to transfer its rights to Argonant. If so it cannot vary the price or number of shares. We will request a statement from the underwriter.
The position of the group is that THE COMPANY SHOULD FOLLOW THROUGH WITH ITS RIGHTS. A entitlement contract is a legal agreement. WHICH DIRECTOR PUT THE RESOLUTION TO THE BOARD TO ALLOW SKY EQUITY TO TRANSFER ITS RIGHTS TO ARGONAUT? THEN HOW DID THE DIRECTORS VOTE!!! Did the board seats change when this RESOLUTION was defeated or carried?
If you want transparancy in VERUS and wish to support your own investment then you can join the Verus shareholder group at [email protected] All we need is your holding size and name.
Some confirmation emails are still to be sent out.
VIL Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
