It's not just that they took up the rights shareholders didn't take up. They blindsided directors (at least the 2 they are trying to oust - I agree other directors were probably in on it in some way) and took up the private placement without offering any to institutions the company had lined up to participate! They did it by not returning calls until it was too late and the shares were all registered in their own names.
Then they refused to allow oversubscriptions in the rights issue, ie we couldn't apply for additional shares in case others didn't take theirs up, this was obviously so they could snap up any leftovers. They also had indicated they would not get involved with trying to oust directors and surprise surprise their trying to oust the two that were standing up for small shareholders!
Vote against the resolution. It and this crowd are a disgrace!
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