Hey Tinwins,
I have read through the website futurerfx.com that Mr Jiang kindly directed us to. I would like to thank Mr Jiang for his efforts in contacting us shareholders, even if it is through a stock forum like this one and not directly via some form of formal communication. I am not sure if Mr Jiang is aware but anyone has a right to inspect and/or request a copy of a company's share register. Mr Jiang might only have to pay a small inspection fee as set out in Sch 4 of the Corporations Regulations. Whilst I think there is scope for some much needed change at the company, unfortunately I do not think this is it. It is simply a big fat call option for Mr Jiang at the expense of us shareholders (not to mention all the employees at Redflow, especially those who have been there since day one).
Ultimately, Mr Jiang along with Mr Sidhu and Mr Higginson would lose nothing if Redflow went under, but stand to gain millions if their plan succeeded (I agree with the board that this plan is still not entirely clear). Any businessman would be irrational not to offer up such a proposition. There is simply no downside risk for them. They are investing - as far as we know - not even a dollar. Sure they volunteer some time and make a few phone calls and if it doesn't work out, so be it. I note Mr Jiang believes Redflow is undervalued. Why not take a significant stake on-market? It would certainly improve his chances of seeking election, plus add some weight to the proposal. I personally do not see any sense in voting for Mr Jiang's election. I think having Mr Hackett as a systems integration architect, that is, still actively involved in the company. Along with the fact that 2021 will be the best year Australia has seen for battery investment by a long shot, gives me the confidence that this proposal is an absolute steal. I am still optimistic. The speculation about voluntary administration is bullshit in my opinion. Excuse the language, but why would a company with phenomenal IP, no debt and net assets of $8.5 million file for voluntary administration? I honestly do not think we are in the dire straits that some other posters seem to think we are in. I say vote down the remuneration package, vote down the performance rights for the MD, but this offer is not the way forward.
That's my two cents anyway, please DYOR.
(20min delay)