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hmmmm my memory is a little hazy but I though I saw a couple of...

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TheBanker

8,389 Posts.

28/10/14

10:34

Post #: 14191475
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Originally posted by abdm ↑

Hi TheBanker,

You suggest that minority shareholders 'are getting' screwed, and as much as I can try to empathize with these feelings of frustration undoubtedly experienced by a number of Wintech holders, I would submit that you already got screwed many years ago by former members of the board in the former entity that as you are aware were pulled up by ASIC for stock price manipulation, misleading shareholders, and serious acts of fraud.

The entity formerly known as Wintech Group Limited did not satisfy the definition of a business, consistent with the accounting policy for reverse acquisitions, and accordingly shareholders of Direct Knickel determined that the transaction represented a share-based payment in-consideration for a listed shell entity, the major purpose of which was to enhance the liquidity of the consolidated group’s share equity and further the potential for future issues of issued capital on the ASX. Accordingly, all costs directly attributable to the acquisition have been classified as costs of issued capital and form part of equity. With the exception of the contingent assets and liabilities, no asset was acquired by Direct Nickel arising from the acquisition.

William Drinkard, the inventor of the core technology which is the foundation of the Direct Nickel process has assigned his patents under the name of DIR's largest s/holder, Drinkard Metalox, Inc. that of course Mr Drinkard himself rightfully has controlling power. A couple of these patents which appear most relevant to DIR were only issued within the last couple of months such as this one titled, Method of recovering metal values from nickel-containing ores. It is within this portfolio the major driver of DIR's future value will be most exploited to the benefit of all stakeholders.

Furthermore, with Andrew Vickerman as former head of global communications and sustainable development at Rio Tinto, and economic advisor to government for the World Bank and UN agencies, if you wish to discuss anything related to the system of rules, practices and processes by which a company is directed and controlled, you could not ask for a more astute operator, and securing someone of his caliber should not only be considered an excellent reflection of the current board but also indicative of the perceived potential in the technology from some very experienced executives.

You are correct in the notion that your 'current' holdings have been heavily diluted, and quite possibly may also take another hit before trading recommences, however one shouldnever look a gift horse in the mouth

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hmmmm my memory is a little hazy but I though I saw a couple of emails from a sydney 'advisor' at the time ... made reference to a banker as well. too bad the emails have probably gone the way of our wintech scrip.

i thought DIR was supposed to be relisted by now? or was the plan always to back door it in and then screw old shareholders by diluting the bejeezus out of it further until it suits you. i bet on the latter hence my view.

i question the motives from day one. why aren't they listed again?

DIR Price at posting: 0.0¢ Sentiment: None Disclosure: Held
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