That decison was only made because the application was withdrawn, but they would have rejected it anyway because if that CR was allowed it would have given SB potentially up to 86.45% of LNY to convert his $19,638,217 debt into shares. without shareholder approval.
So, what did SB do? Of course, knowing that he couldn't lose, a month later he called an EGM to approve the issue of 1,091012088 shares to him to repay his loan.
Guess what? He got that approval and he went from 23.77% to 70.77% and the issued capital of LNY went from 145,110,311 shares to 1,376,598,482 and guess what that did to the "ordinary" shareholders!!!!!
When added to the 1:300 consolidation to form LNY, it literally destroyed the entire value in their equity of the company and the price of their shares.
I.E. S.B. gets what HE wants and "ordinary" shareholders can get stuffed!!
And that was FIVE years ago and what's has the company done and what's happened to shareholders' equity and share value since? It gets worse, much worse!! Three times worse!!!
The Issued Capital is now 3,480,065,933 and could blow out to nearly 4 billion if that latest CR is filled. Yes, 4 billion from 145 million after the consolidation!!!
But, as we've defended all along, he could just have easily walked and saved himself all of that trouble.
