On the 17th May 2019 PDF will be automatically delisted from the Australian Stock Exchange if it hasn't completed the Requirements for Chapters 1 and 2 or obtained a 3 month extension through demonstrating that events beyond normal control created a delay of completion of the requirements.
One part of satisfying Chapters 1 & 2 is actually having either cash or property that has a greater value than $4 million as that is the absolute minimum requirement of value.
Now shareholders will likely be asked to believe in the current board one more time to deliver more than they have ever achieved in the 6 years since they took over, as they have not resigned after losing 2 remuneration votes and a spill meeting vote.
it will be very interesting to see what happens and who declares themselves to stand as Directors for the Spill Meeting.
if the old board re stands or their cronies then the promises they make won't be worth the paper they are written on as there has been plenty
made in writing in the past and NONE ever delivered.
What this current board, or at least 2 current directors have given shareholders since 2012 was their own private company is so much debt that is was taken off this companies shareholders 14 months later by administrators costing shareholders millions of dollars, suspension from trading for 3 of the 6 years they have been at the helm, expensive employment contracts for the Chairman and his son when the company doesn't even have a business, a CFO that has never been disclosed to shareholders, even after 11 months employment, again there is no business the company owns or operates, huge costs for consultants as the board has no Dairy experience so they signed a $2.5 million deal with GRS Foods for a dairy project, but never told shareholders they didn't own the project and held many struggling dairy farmers out to dry by promising to buy their farms and issue them company shares to keep them on the hook and quiet when delays set in.
Yep that's the sort or record I would put all my hope into.
6 years they have had to raise just $4 million and they couldn't.
Now they have just 6 months to raise $4 million
Watch the hollow promises come thick and fast.
What did happen to that promissory note announced just last month that was going to help pay the fees of related parties and directors by the way?
All shareholders should be wishing for an alternative to the above for Christmas as it looks to be the last hope for everyone. Let's pray for a NEW board
