Originally posted by big finn
G,day mate,
I see your happy to have your maybe hard earned money held in Situ by CGB, and maybe other companies also. Me I much prefer to be able to see stock I'm invested in rolling along, with the daily ups and down of the market (preferably up) and the odd Trading halt here and there I can deal with that, what I dislike is this long long protracted suspension from trading, that looks like it's going to go for a few more months now.
CGB BOD a suggestion for you,stop trying to crack more Fabulous deals and MOU's, and just comply with what the ASX require of you, Then CGB can then relist for a few days so the people who want Out and the people who want into CGB have a choice, Then have another Trading Halt to do more Fabulous deals, and in my opinion you will then have a book-full of happy shareholders, it would probably end the perceived negativity on this and other public forums about CGB.
Cheers
Finn
Big Finn I'm pleased to back up your commes. As shareholders we were entrusted to vote on the proposed changes, which we did. 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.
To simply be explained away with Pnina Feldman Executive Chairperson comments: “The Board had to weigh the disadvantage to the shareholders of a further delay of the relisting against the advantage of this new partnership which would save the company multi millions of dollars in cash and shares, and facilitate a much quicker and easily expansive cash flow. The latter was the obvious choice for the sake of the company and its shareholders."
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.
As much as I want this Company to succeed, I would like to see transparency, accountability and due respect for what we, as shareholders voted on. I agree that they should have relisted and then called a meeting to vote on the new direction the board were considering.
I agree (in principal, until we see the details of the MOU) that there are substantial savings to be made. However without any transparency on the MOU this could potentially leave us in suspension from the ASX for another 6 to 7 months if we have to start from scratch again. This I base on the Announcement which clearly states "The Company will make any necessary further announcements to the market once it has formally heard back from the ASX, however the ASX has advised the Company that it will need to seek shareholder approval for the wider transaction as well as re-apply for any necessary waivers from the ASX."
@Neil1959
1. Perhaps you could ask the BOD to release the signed MOU. If not, why not?
2. Shareholders have been requesting details of the CR allocations and / or refunds repeatedly. Can the board clarify whether the lack of response is due to the change of direction this BOD has taken without shareholder approval, and / or will it announce a further closing date for the CR? I'm sure this would have been discussed by the Board already.
3. Please don't respond with "Until the Board hear back the ASX... "
