Ann: Cellmid Share Placement Raises $9M, page-31

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"Rocket"

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31/07/18

19:05

Post #: 34654868
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Originally posted by siren4 ↑

To sum up today: Shame! The disregard to the wide body of shareholders in today's announcements and yesterday's $9.0m placement by the Board is contrary to all precepts of fairness and what is right to do.

The privileged incumbent directors (before release and with knowledge of the 4C) were given the opportunity to specify their own required (guaranteed) allocations in the mix of the 12.5% of the total shares under the placement. This gave them minor dilution compared to us even with the token $1m SPP.

Levarage's analysis (much appreciated) that our value dilution is likely to be balanced by the company's future success, even if the theory worked in this case, would still proportionately and unfairly skew that hoped for wealth in favour of the incumbents. Of course, they would have known that. Would they not have conceived the placement and SPP in the knowledge of that 'opportunity'?

The terms of the placement and of the SPP constitute a disregard of good corporate governance. Question if it also is a breach of the Board's fiduciary duties. Even if the SPP were not severely scaled back (anticipate it may be, subject to sp), it is unconscionable and an affront by the Board to reserve the right to unilaterally reject or reduce any individual shareholder's valid SPP application.

This crafted placement to the chosen and informed few in conjunction with the questionable SPP is disgraceful on any rational analysis of fairness and equity as between the cohort of insiders (i.e. Dennis Eck family, Martin Cross and Maria Halasz) compared to inconsequential shareholders.

The Board would have anticipated derision over their discriminatory announcements today. That they nevertheless proceeded with this unforgivable nonsense is a disgrace.

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Well said Siren, you have much more patience than me with your wording, but we have the same view.
I think that with the knowledge of the 4C, and the fact that these placements had already taken place before us( the retail SH) even had any detail about the cash raising, leaves questions to be answered.
Disgraceful is putting it far too lightly IMO.

CDY Price at posting: 40.5¢ Sentiment: None Disclosure: Held
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Ann: Cellmid Share Placement Raises $9M, page-31

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