Originally posted by sdf
Here is a hypothetical - of course, i am not saying that this is the CM8 situation!!! SPP announced. Very few takers of SPP. Directors etc take themax. allocation (say for example, a max allocation of $15K at 3.8c), increasing their holding at a very small fraction of their (hypothetically) insane salaries. Then, the directors "generously" take up the rest of the (say $700 K) share offering at a price lower than 3.8c to "keep the Co. afloat" and have future SPP at lower prices that the directors take up in a similar fashion.
Result: over the next few years, the directors slowly buy back the company (still receiving insane salaries) for next to nothing and then, after privatisation, just use (say) the social media arm to keep paying their salaries without ASIC or shareholder scrutiny.
Again - any one going ot the AGM? Happy to assist in drafting some pointed questions for the Board.
I have attended a previous AGM when the SP was 8.5 cts and I clearly remember Dom not being happy with where it was. Sadly I will miss another more important AGM that day because it starts one hour after CM8.
If you want to email me the questions rather than publicly over this forum send me your address cryptically.
