BIT shareholders you are no doubt feeling angry that the company you have invested so much time, money and effort into over the years has reached this point, but anger is not going to change things - unfortunately neither is the ASX or AISC in all probability. Giving more of your money to the current board and management is unlikely to help beyond kicking the can down the road for a few months more. I suggest the following is likely to be more productive.
1. Form a shareholder group to negotiate with the board. If the group remains under 5% of the total shareholding in the company you don't need to register with AISC, otherwise you will need to tell AISC you are acting as a group (see a lawyer as this is important).
2. As a group negotiate with the board. Tell them that you will only support the SPP if the current board and management is replaced and independent experts are brought in before the SPP closes to examine the finances and most importantly, the science. If required, the SPP close date can be extended by the board to allow this to happen.
3. If everything checks out, support the SPP and then hire a new board and management to run your company.
The BIT shareholders currently hold all the aces and can effect significant change if you act together. With this I wish you all the best and hope you can salvage something from this mess.
BIT Price at posting:
0.8¢ Sentiment: Sell Disclosure: Not Held
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