AGM decisions, page-47

Fergus, Rob, BT

This absolutely is normal for APG. If you were paying attention -  you have seen this before.
When you see significant differences between the Quarterly report cash position and the Audited report cash position for the same date – this should be a red flag to shareholders that they are being deceived about something.

Remember back to 18/04/2016.
APG had the previous year (7/12/2015) concluded the Shareholder Share Purchase Plan (100,439,943 shares  issued at 0.6c to raise $603k).
A concerned shareholder had read the Half Yearly Financial Report and sent a query to the ASX, and forced APG to give an explanation of why the audited cash position ($52K) was so much lower than the quarterly cash position ($326k).
Secretary Gaston’s explanation of  “ a small remaining proportion of the cash receivable  from the Shareholder Share Purchase Plan was classified as cash in transit”. And the missing cash “was reclassified as Recievables”
What a pathetic way for APG shareholders to find out that some shareholders had received an extra special deal from the company secretary in the Shareholder Share Purchase Plan.
The shares were issued 7 Dec 2015 at $0.006, the share payment money was still outstanding 18 Apr 2016 ( then trading in the range $0.003 - $0.005), and then the APG shareprice peaked up  to $0.017 in Jul 2016.
I would hope the “lucky” shareholder took his unrisked profits and paid what was owing to APG.

Subsequent APG reports made no further mention of the missing “cash in transit”.
APG continued to hide if share money was unpaid by providing no details of what comprised Other Recievables in the audited accounts.
When you looked in note9 to the Financial Statements you found that Other Recievables was comprised of Other Recievables – what a waste of ink.

But in the recent Audited Financial Statement to 30 June 2018 something has changed in a big way.
Amazingly, the auditor has decided to do his job with disclosing what is behind the figures – I wonder why ????
Now when you look in note9 to the Financial Statements you can see a proper breakdown of what comprises Other Recievables.
Now you can easily see that a lot of  issued shares remain unpaid for.
Share Capital receivable = $375,500 - that is a lot of shares to be unpaid for.

Unlike the previous occasion we never found out who got issued shares before they had paid for them. We never found out whose “cash was in transit”.
But this audited report seems to have taken an amazing turn towards openness and transparency.
Note 19 to the Financial Statements ( bottom of page 36)  - lays out who holds these shares and owes this  $375,500 to the company.

Amazing . What are your thoughts ?????

Wilcox