Originally posted by Luke164
Sorry to sound condescending, but do you understand 'commercial-in-confidence'?
RE: 1. MOU - There's a myriad of reasons they will never release that document & it's specifics on here, in particular the above. Call it 'smoke and mirrors' all you want; I know it as the legal system - not saying I like it one way or another.. it just is what it is. This isn't a CGB specific answer to 'explain' the no you will get from them either - this applies to all businesses.
They've outlined the critical points of the agreement in the announcement. Is that not transparent? What more do you want from a MOU?
Plus, if I were the pharmaceutical company I wouldn't want my competitors to see it. You cannot make the assumption that CGB are the ones who wouldn't release the document as a result - CGB might want to show the world (and you) and the pharmaceutical company may not. Would you upset your new partner in that situation & risk the deal?
I truly wish people would stop asking for copies of private documents or price sensitive/commercially sensitive information on HC and then elude to it being some kind of conspiracy when the information isn't provided (not saying you will, but almost every time there is someone who does).
RE: 2. CR - The company has noted it needs shareholder approval for this newly announced change. It's clearly stated in the announcement. The comment that you've made - "
that this BOD can simply dismiss those votes now, based on a MOU that we have not been privy to smacks of arrogance and dismissal of shareholders by them" - is completely uninformed & opposes the specific mention that shareholder approval is again required. Obviously nothing was 'simply dismissed' - just look at the time taken. They have stated they had to weigh it all up. In fact, we know very little of how much effort they may have gone to in order to keep the initial plan intact.
Further, no holder is confirmed with shares allotted until the CR is closed.. what else do you need to know aside from the confirmation it is oversubscribed and the already provided information about withdrawing your own CR funds forwarded if that is what you so desire? They've stated the extended closing date of 22 February.
RE: 3. What else can you expect when that's what's going to be happening anyway? It's a factual comment. No doubt the ASX will be reviewing the whole lot now.
Call me ignorant to negatives, biased or whatever you so please - but these answers are common sense & not really just specific to CGB. They will be the answers to the same questions if any other company was asked them in the same situation.
I'm not dancing my way around the obvious, i'm stating it.
Good morning Luke,
I'm happy to take onboard all opinions, condescending or otherwise. We are all as shareholder entitled to one. To clarify, I did not call it 'smokes and mirrors' (but I did appreciate the pun) - you read that in another post.
1. The timing of the MOU, and the stated relisting dates given by the BOD during those negotiations is what I am concerned about.
"This goes to the heart of transparency, or lack thereof by this BOD. This also begs the question as to when the discussions with BioHealth and Medcan began and how many times we were given a relisting date during that process leading up to the MOU being agreed to."
2. I was not referring to the pending shareholder approval required, I was referring to shareholder approval that is currently in place from last year, which they now want to amend. The BOD are wanting to dismiss those votes now, and call another meeting prior to relisting. The end result could quite possibly be another 6 - 7 months of suspension, whereas they could relist and then call a meeting.
3. Shareholders have asked for clarification on the share allocation and / or refunds many, many times, and the date just gets put back. I for one don't want my hard earned potentially tied up not earning interest for me, or not put to work elsewhere for potentially 12 -14 months in total.
I have no beef with you or your opinions, we all have different perspectives and anticipations. Mine is to relist, then call a meeting and let the chips fall where they do. Those wanting out can take their funds, and those happy with the terms of the MOU / final agreement can vote on it. It comes down to transparency by the BOD, of which I personally feel is lacking.
Seems I may not have made myself clear enough in my post, but happy to take that one on the chin.
