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It smells to me as well, i know we all want the exchange up and...

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CapitalSavy

639 Posts.

31

08/06/18

13:33

Post #: 33595924
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Originally posted by carnabombers ↑

Spoke to Jason and well, mmmm. my summary is "NOT HAPPY JAN"

The 60% to Phua was calculated using the soar labs valuation of BP when it received the 49% shares.

I personally and professionally don't think that passes the pub test. The valuation of the 49% of the shares should, IMO, be based on the value of the company today not ages ago. That would then mean that Phua would get a lower distribution because the value of the company today is, well, 4-6 times profit plus a little (very little) goodwill.

If you guys believe that I should do some more maths into this, then I will. if you are happy to let it go, then I won't. Personally, I'd like to because I don't like the way the directors are bleeding this company.

Please note that if I continue on this, a major re-distribution will be required which will then need to be passed onto ASIC to investigate.

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It smells to me as well, i know we all want the exchange up and running, but with this arrangement unexplained it needs to be flagged for sure!

BPG Price at posting: 0.9¢ Sentiment: Buy Disclosure: Held
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