A while ago I and others raised concerns about the PDF status, before the previous board resigned. It is now apparent that our concerns were justified.
Unless the appeal by David Breeze to the Innovation Investment Committee is successful there will be no longer any chance of the Capital Gains Free status on the return of our investment.
The last announcement by the MEC Board concerning PDF’s was back in March 18th 2019. When the then Managing Director proudly announced that “The Innovation Investment Committee” of Innovation and Science Australia had approved MEC’s application to vary its approved investment plan. This was an issue that she had been pursuing for a long time.
Then a strange thing occurred, 8 days later on the 26th of March 2019 the managing director resigned. I wonder what happened to dispel her enthusiasm.
The PDF issue was never mentioned since that announcement in either the Annual Report or any company correspondence to the shareholders.
MEC was then the put into a trading halt in January 2020 by the ASX that still stands.
Since then, there have been a few more board shuffles. There has been a series of mass resignations of board members since Dec 2016. No explanation was ever given, but were carried out in manner so that that fresh appointments to the board did not require the approval of the shareholders.
If you want to see who the board members were between Dec 2016 and October 2020 the information is available on Hot Copper. I am sure some of those among them would be privy to the actions that lead to the collapse of the stock value. They have cost most of us a lot of Money. The directors concerned should be banned from holding board positions on public listed companies.
David Breeze was rightly re-instated to the MEC Board in October 2020. On taking over control only to discover that there were problems with the company’s compliance with the PDF act. Since then he received the correspondence from “The Innovation Investment Committee” stating that there were 17 occasions when MEC contravened the PDF Act resulting
Rogerd
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