I interpret the current action of the BOD as having mortgaged 100% of shareholders assets for $4.2 million dollars plus 20% interest.
Did this require shareholder approval ?
Has the BOD acted in best interest of the shareholders ?
Have they satisfied their Directors Duties and obligations ?
I cant answer these questions yet i would like to understand an impartial interpretation by a third party legal expert.
Is anyone else interested in investing in a legal brief into the current situation ?
Can we lodge an injunction to stop the lender seizing our assets until we fully understand our position as shareholders ?
Any Barristers out there who are disgruntled shareholders willing to assist ?
Should we report this to ASIC first to get a ruling ?
How can a $30 million market cap company be mortgaged 100% for $4.2 million dollars, how can this be in the Shareholders best interest ?
Have the Directors traded insolvent ? How do we find out in the short term ?
Do we call for a EGM and remove the Board.
This is very serious, this is real, we could possibly loose our entire investment very soon.
We must do everything we can as i have no confidence in the BOD.
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