Hi
@vintage.
Here is a follow up email I sent to
[email protected]. You will notice the reference "
so that I can relay your response to HotCopper."
"On Second November I expressed concerns regarding motions at the AGM that I wished to be circulated to the Directors on behalf of posters on Hotcopper. I did not receive a reply."
"
Concerns regarding motions at AGM
I would be grateful if you could pass a copy of this to the directors....
A number of posters on Hotcopper have expressed concerns about several of the motions for the AGM.
In particular, the capital raising motions 10 and 11. Concern is about dilution, particularly given the parlous state of the Share Price, which has gone down several pips since the AGM announcement, touching 3.3 cents today.
In many holders views, there should be a minimum set for the share price (eg 7 cents) for any additional raisings, rather than or in addition to 80 percent of five days share price. Right now 80% of five days share price that would be less than 3 cents. No one wants that, and that is why some people are selling out.
Until it was moderated for breaching rules of Hotcopper, a survey of how many people would vote no to motions 10 and 11 was 96.
Other concerns have been raised regarding the performance targets for bonuses for reaching Revenue milestones, of $2.5 and $5 million dollars. These milestones are too low in comparison to current cash burn rate and the performance bonuses, which will add up to $480,000 USD or around $700,000 AUD, which is a huge slice out of $5 Revenue, some of which is coming in anyway as a result of the Acquisition of JCT.
"
Today I wish you to circulate to the Directors the discontent expressed by many posters on HotCopper following the Capital Raising Tradingg Halt. Yesterday there were over 300 posts on the XPE threads on Hotcopper. Most people complain that this CR has a maximum dilutionary effect coming as it does at the lowest price the share has been at for many months whilst a director is to be rewarded for doing so. It is the view of many that the company is not being run in the best interests of shareholders. It would be really good if someone could explain why we are raising money at a silly price when we have $9 million in the bank,
so that I can relay your response to HotCopper. If I don't get a reply, then I will be obliged to report on Hotcopper that Long Term Shareholders are not of concern to The Company and that it disdains Shareholders and their interests"
And yes, I know I made a typo in Tradingg Halt!
Maybe Chris Wood read the above email and was expecting me to publish his reply.
