Shareholder’s approval to issue vendor’s shares expires.
Then
1a - Vendor’s shares to be issued. (Undisclosed)
1b - Performance rights to be exercised.
1c - Facilitator’s shares to be issued.
The above shares would normally be subject an ASX compulsory escrow.
2 - Cleansing prospectus issued to remove any automatic ASX trading restrictions (escrow) on shares issued prior to the prospectus closing date. Apr-2019
3 - 3b issued for the quotation of all the above shares.
All shares are issued with NO ASX imposed trading restrictions.
Refer to the last 3b item 8 (number of quoted shares = 1,689,386,941) and 9 (number of unquoted shares = Zero) There are no ASX compulsorily escrowed shares.
4 - A General meeting notice arrives and states that the vendor’s shares are under a “voluntary” 12 month escrow, which is only an agreement between the company and the vendors. From what I know the ASX has no control over the Company / Vendors agreed self imposed escrowed shares. (However the ASX will ask the company is to advise the ASX prior to the lifting of the voluntary 12 month escrow period.)
Performance rights expired on 31-Dec-2018
VEC issued. A deal done ann. on 11-Jan-2019 then a 3B on 25-Jan-2019 for the issue of performance shares.
No director’s 3Y’s as of 5pm today. (they have up to 5 days to present the 3y’s)
Share price drops on ~8.25m volume(?) When an increase was expected by the punters(?)
Now we have a trading halt
ASX might just have a few concerns?
And I still think that some posters do not understand the purpose of a cleansing prospectus or cleansing notice? Which is what this was all about.
In all my posts whether or not the shares are / were Voluntarily escrowed was not the issue! The purpose of the cleansing was what it was all about.
