Oohhh gawd...
Resolutions 5, 6 & 7
110,000,000 Director options @ $0.002 (current price $0.001) which wont raise any cash UNLESS they are exercised to raise $123k WHICH might go towards working capital or SOMETHING else. No guarentee they will be exercised nor any provisions apart from price attached. While I do not doubt they are a way to incentivise there are not escrowed or have any level of attainment. So anything better than $0.003 will be looked upon as a means to monetise the options with a 50% return. That will just cap the shareprice. I havent looked but the PE of the company currently should be 50 because its unique nature & licensing agreements. That should mean the options to be in the money SHOULD be $0.01 ( as should the shareprice imo.)
Resolution 9
Approve the issue upto of 300mil shares at $0.002 raising $600k to repay Debt. That Debt was run up by the company because all other assets were given away without any proper administration imo. Costs containment has appeared very loose, so does this explain why Frank Pertile left?
Conclusion.
I note the contributions that the Directors have and will continue to make to the Company? Where is that written? It isnt in any of the reports apart from the monetry contribution, namely a very expensive convertible note, which was handed out supposedly as an incentive for shareholders to remain otherwise the company may have folded.
I cannot speak about the other Directors but I thought John Conidi should know better.
What is a fast growing industry that has considerable margins and future, the opportunities seem to be slipping for this company while its treated like a hobby. There are still many aspects and cashflow that have not been addressed/followed through and the company just seems to take the easy route of lending itself money.
What is the vision?
What is the timetable?
Why are shareholders treated so badly.
cheers
