1. 2017 AGM outlines terms of “Loan Shares” where shares are purchased by family/employees by the company lending the money to the purchasers. Terms are that loan is for 3 years and if not repaid beforehand, is repayable at the 3 year anniversary at the lesser price of a) outstanding balance of loan owed or b) realisable value of Loan Shares at that date
2. Subsequent to the above, 6M such “loan shares” were issued on 21/11/17 and thus repayable by 21/11/20. These issued at the price of $2.15 to Lazarus Karasavvidis, Eric Jiang and Peter Biantes. Following that, 7.4375 M shares were approved on 21/12/17 under the same scheme at a price of $2.15. 3M of these were provided to Martin Glenister, former co-founder of WHA; these repayable by 21/12/20 also at price of $2.15.
3. By 21/12/20, contrary to the conditions of this limited recourse loan under the WHA Employee Share Scheme, the loans were not repaid at either the debt amount owing or at any realisable value of loan shares due at that date.
4. The above appears to be in direct contravention to the conditions approved by Shareholders at the 2017 AGM.
5. Who knows a lawyer involved in this field as the Directors have failed in their fiduciary duties of retrieving these loans for their shareholders?
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1. 2017 AGM outlines terms of “Loan Shares” where shares are...
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