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Hi purpose, am I understanding the following correctly? Quotes-...

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27/09/18

10:53

Post #: 35875673
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Originally posted by Purpose ↑

The following is what the Chairman, Mr Duckett said to questions asked.

To resolution 4. Cleanthis Pilakis 'is not a related party' of the company. The shares are registered at the PDF company address and the above is not a company or registered business.
The company had to cancel shares from this resolution for related party transactions which was announced the day before the meeting.

The cattle which was suggested were purchased in July 2016, which was not denied by the Chairman, have not provided any income directly to the company and still don't. Any income generated would be credited against the farm purchase. A written agreement to this effect is in place.

The cattle are not registered in the company name. This was confirmed by the Chairman.

The cattle numbers have not increased due to calving in the last 2 years but will do so this year.

The Chairman was unclear If any of the crop grown would be sold or used for fodder.

The Chairman was unclear if any of the 40 cattle recently sold off the farm was part of the purchased stock of the company.

The Chairman was questioned as to the debt funding and asked to confirm if Mr Podaridis of Pramana Capital was still involved. The shareholder claimed that he was recently told personally by Mr Duckett that he was negotiating the debt funding without Mr Podaridis. The chairmans response was 'things change'

The meeting was closed off to non shareholders and a financial adviser for shareholders was not allowed in but Gordon Anthony of Asia Pacific Logistics was.

The main questions to all of the above is,

Why are the cattle not on one of the 2 farms that is approved by shareholders for purchase but on a farm that is not.
No mention or comment was made on farm 1 which is now also up for sale. This farm will also need to be replaced in the plan along with the other farm the company acknowledged as sold one year after the sale.

No comment was made on the terms of the debt funding.

Why have the cattle and any income earned not been moved to one of the shareholder approved farms?

Why did the Chairman not abstain his votes and that of his related parties for resolution 2 which concerned his own re election?

The above is my memory of events of the meeting.

Shareholders can form their own opinion if the board is complying with 'due care and diligence'
Provisions of the Act.

IMO. DYOR

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Hi purpose, am I understanding the following correctly?

Quotes- “The cattle which was suggested were purchased in July 2016, which was not denied by the Chairman, have not provided any income directly to the company and still don't. Any income generated would be credited against the farm purchase. A written agreement to this effect is in place.” #1

“The cattle are not registered in the company name. This was confirmed by the Chairman.” #2

#1 - You used the words “suggested were purchased”

#2 - The biological assets worth $286k that PDF claim as a purchase and as an asset are not held in the companies name? Are they held in a subsidiaries name? So who is the legal owner?

Something seems NQR(?)

PDF Price at posting: 2.9¢ Sentiment: None Disclosure: Not Held
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