Some pertinent questions about the General meeting and rights issue that need to be addressed.
General Meeting:
As we are having a General Meeting why are the 4 non elected directors not standing for election to their positions by the Shareholders. Most Companies have Directors elected at the next available meeting. We have 5 Directors with only 1 elected (By a small majority) by shareholders. This forthcoming General Meeting should have had the 4 non-elected by shareholders put to this meeting.
Rights issue:
Why would long term shareholders vote for a rights issue of 1 to 1 to approximately double the shares in the Company and thus diluting their holdings when they can buy on market for the same price as the Rights issue and not cause dilution to their stake in the company.
Seems to be that this General Meeting is to set things up for control of the company by this existing Board, then at the Annual Meeting they have control of the votes to do as they please.
Long term shareholders in the not too distant future will be consolidated into non existence.
Smoke and Mirrors abound here.
IMO DYOR
MOT Price at posting:
0.1¢ Sentiment: None Disclosure: Held
