Thanks Investau for your comments. i had a look at the conditions and it honestly casts doubt on the way that the whole stock market works with second level shares. Here are my findings:
(See my previous post on "Regulatory Breach")
Schedule 1 of the 2017 AGM outlines the terms; e.g.
b) interest will apply if loan not repaid by 3 year date.
c) loan shares will not be disposed of by the Participant until the loan is repaid in full to the Company
f) loan repayable at earliest of i) 3 yrs from when loan advanced ii) 90 days after Participant leaves Company iii) due to death iv) material breach of Loan Agreement.
h) loan limited to lesser of i) outstanding balance at 3 year date or ii) realisable value at that date.(27/11/20 for 6M shares @ $2.15 and 27/12/20 for 7.4375M shares @ $2.15).
The most important clause is the following:
Sale of Loan Shares:
If the Loan becomes due and payable under the Loan Agreement and the Participant has
not repaid the amount of the Loan in full within 21 days of the due date, then the Participant
will forfeit their interest in the Loan Shares as full considerationfor the repayment of the
outstanding Loan balance, and the Company may either (at its election) take such action in
the Participant's name or direct that the Participant take such action in relation to the Loan
Shares as the Company considers appropriate, which may include but is not limited to the
Company undertaking a buy-back of the Loan Shares or selling the Loan Shares. Copies of the Employee Share Loan Plan are available for inspection at the Company’s registered office and will be provided without charge to Shareholders on request.
On 4/2/21WHA directors cancelled the total 13.4375M shares at $0
I WOULD HOPE THAT ALL INVESTORS OUTSIDE OF THE DIRECTORS AND MANAGEMENT OF THIS COMPANY VOTE NO TO ALL PROPOSALS THE DIRECTORS SUBMIT IN FUTURE.
Given that the last placement was at 15c, our investment is now really worth diddly squat and i myself would rather these guys go down the tubes than trying to scrape back 8c or so per share.
(20min delay)