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I can empathise with you I can empathise as I have been caught...

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tanon

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16

14/07/15

22:53

Post #: 15633551
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I can empathise with you

Originally posted by Last of the Mohicans ↑

I thought I'd write a thread to potential investors in this company so that everyone knows what type of company this is & how its directors behave so that others don't suffer the same financial consequences as I have in future.

When the directors hurried out an announcement that they were holding a rights issue & open offer, the share price was 1.7 cents.

At no point in the initial documentation & secondary announcement did they state that this rights issue was in fact restricted to those living in AUS & NZ. Had they done so us foreign investors would have been able to sell out at a significant loss (1.2 cents), but at least been fully aware of the circumstances we were dealing with and reacted accordingly. Knowing never to go near this company again with a barge pole as it simply doesn't value foreign investors (current or future), yet at the same time craves for other people to buy its product in these very same countries. Indeed is targeting these countries far more than AUS & NZ. The directors are hypocrites.

Yesterday another ASX company offered shares in its rights issue & open offer, to shareholders in countries other than AUS & NZ and didn't say it was hard to do, so why hasn't ALT done the same thing, well it looks quite simple they don't care a sh*t.

So instead of getting a 1:2 rights issue @0.8 cents plus options at 1.1 & 1.4 cents and the chance to apply for more shares, we get nothing other than a share price that is now under 1 cent & will tread water for months & months to come.

Does anyone think this is anything other than Discrimination & daylight Robbery?

If your not prepared to treat shareholders fairly in the countries you want to sell your products in, then what does that say about those in charge of this company?

I wish the directors would feel ashamed & embarrassed of themselves about what they have done, but they won't because it will keep them in a job for at least another year on nice juicy salary's.

Whereas some of us foreigner's have just lost 50% of our money & been given no chance of getting it back anytime in the next year. Thanks to the directors failure to communicate properly with its overseas shareholders & the massive dilution of the rights issue itself & the additional short-term options.

I won't be near this company again with a barge pole & neither should any other foreign investor.

Which will be to the detriment of the company going forward.

Having lost thousands of dollars on this (yes I held on, so as to qualify date wise for right issue etc, only to get kicked in the teeth today for doing so) I'll be taking the matter to ASIC to investigate the failure of the directors & there advisers to keep the market properly informed.

LOTM

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I can empathise as I have been caught out the same way as a foreigner with shares on UK and US exchanges. Companies raising capital do so in the best way they can and sometimes it doesn't suit all investors in all countries.

ALT Price at posting: 1.0¢ Sentiment: Hold Disclosure: Held
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