At the AGM on May 30th 2025, will be Motions 3 & 4 for the re-election of Rod Zhang and Max Ji. They are the Board representatives of our largest shareholder, Jigao International Investment Development Co Ltd, which is a CHINESE STATE OWNED ENTERPRISE.
I am firmly of the view that allowing Jigao to acquire a 36% interest in TON was a catastrophically bad decision by us shareholders. Sure they gave us some funds but TON ever sInce has been on a slow walk to nowhere.
The agreement that ensures Jigao gets two Board representatives out of four by having a shareholding of 28% - meaning the Board is deadlocked on many key issues - has also been catastropically bad for average shareholders. Just witness the latest shenanigans that have required a Supreme Court writ from TON to enforce the agreement reached for the sale of 70% of Ancuabe. The agreement should be a simple matter whereby parties stick to the letter and the spirit of what was agreed. But no, it's been BS after BS ever since the Chinese state owned enterprise got involved.
The time has come for shareholders to send a message to our largest shareholder that they have totally failed us by voting against Motions 3 & 4. Yeah I know, we will never get enough votes to defeat Motions 3 & 4, but we need do what we can and send a message loud and clear.
VOTE AGAINST ROD ZHANG AND MAX JI
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