Board gave away a big chunk of the company to both local...

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MrWisemanSays

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06/09/18

14:30

Post #: 35448733
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Originally posted by tt2000 ↑

Here is your proof - this is from the announcement on the 30th of August

"RESOLUTION 2 – DECLARATION OF DIVIDEND To consider and, if thought fit, to pass, with or without amendment, the following Resolution as an ordinary resolution: "That, subject to, and conditional on, the passing of Resolution 1 and for the purposes of Bye-law 138, a dividend of A$0.03 per fully paid ordinary share in the capital of the Company be and is hereby declared and in accordance with the Explanatory Statement."

OMH has $65M cash plus inventory on hand - The $0.03 dividend will only use $22.2M cash reserves (as OMH has 740m shares). This is also only the half-year dividend.

GMC's Convertible Noteholder has the ability to convert $6M for for 25% in the Project.

If OMH really wanted to, instead of issuing the dividend for $22M, it could get a significant share of GMC's Project, but like me, wouldn't touch GMC.

There is your proof - you could have found this yourself on www.asx.com.au

The 12th of October is only 5 weeks away - this is a critical point for GMC, especially if GMC fails to satisfy those 10 conditions precedent

GMC's share price is falling back to reality - oops there goes gravity

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Board gave away a big chunk of the company to both local investors.

No wonder SP is falling fast. Was 0.02 4 days ago now it is about to face gravity as selling pressure increases.

Last edited by MrWisemanSays: 06/09/18

GMC Price at posting: 1.8¢ Sentiment: Sell Disclosure: Held
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Board gave away a big chunk of the company to both local...

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The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

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