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youwishfood

279 Posts.

80

25/05/15

20:00

Post #: 15347950
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Originally posted by mayfair ↑

More late documents tendered byAGS
More of the same from Mr Myers , are we going to get a turn ??. while ive been there our counsel would have been lucky to have spoken for 5 minutes. Wasnt there on the opening day , perhaps we had a bit of an opportunity then ??
SJ recalled . from the questioning mr myers thinks sj has either not produced all documents or he he is fishing for a document he thinks may exist. He makes it seem that SJ may not have produced all docs but no big deal from our point of view
dilution model proposedaccording to emails 26/9/14 , Made sj admit that dilution was a compelling case and made it seem that ags was in a better position if it accepted dilution

sj said he had hoped itochu would exercise its rights to “access cashflow”
more questions about dates decided to dilute , start litigation capital raising etc . Decisions made by formalised board meeting ??trying to make it seem decisions made willy nilly
myers “even if sales had occurrednd revenue had come in AGS would still need $20mill” SJ “ we asked Petra for 13m”
certainly ags were discussing dilution very early in the piece
sj dilution just one scenario we discussed

131 million would be received by ags until dilution is 2.98% then jv finished Sounds as though dilution is a sliding monthly scaale

myers ..advantage of dilution for ags
1 no more expenditure
2 no additional money to be risked
3 can dilute down to 2.98% ...“compelling”
4more money would be received than estimated ...U price , exchange rate
would you agree that this is true …..SJ yes”
sj thought/hoped itochu would step in, would want to buy in due to this cashflow ….”yes”

so ags wouldnt be putting more $in due to this proposed itochu buy in .
Sj “ shareholders didnt want us to dilute”
“quasar didnt live p to itss 2014 budget then 2015 budget showed no revenue

myers …..in july 2014 $17m , oct 4.8, nov underwater , dec furthur underwater --minus 13.8 million, , so you needed at least 13.8 to stop dilutio. So dilution is a compelling case”
how much did ags spend on litigation …...objection yr honour......lets it go
cant claim damages because price of U has gone up as has the exchange rate
so Q has done AGSa favour
sj “ags is wholly dependent on revenue from 4m and we needed sales as per2014 budget”
myers ...trying to claim 25% back but if you lose you would need to dilute anyway”
if you wereto win , would you restart sales proceess....sj yes

decisions made in nov[?]
--attempt to borrow
---raise equity
----suspend sale
---terminate agency
---dilute
---not to contribute
---to start litigation
finished with a relieved SJ

next customer please IG
from the start u can see ig is adifferent kettle of fish
calm measured, like a politician wont be cornered
asks about his control over alkane , not very successful there , IG answers but doesnt give myers any ammunition
asks about specific board meetings with no joy
“i definitely do not control alk....abbotsleigh owns 23%, no Abbotsleigh doesnt control ALK either
when was decision made to sell ACE , Im sorry I dont remember Approxmately then ...NO

IG Ags definitely needed a big brother to step in ie Itochu? To continue with the JV

is this the document that was prepared for the sale of Ace.....IG NO
bantering about times and dates but IG holds his own
I left after this
Impression ….IG not a man to mess with
myers arguing AGS needed to dilute due to finances regardless and basically litigious and all their problems are of their own making .

Please I need to hear something positive

Expand

thanks for the update.....

AGS Price at posting: 9.3¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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