Neither do I but if we do nothing then we will end up with nothing. This capital raising is very suspicious in that it is hugely dilutive and unless everyone partakes as non renounceable they will not raise that amount. But I don't think it is their intention to raise that amount but they had to come up with a figure that gave them the opportunity to buy cheaply and a large quantity. Also knowing that their existing shareholders would not because firstly we don't trust them anymore and secondly it is also a lot of money to stump up.
What is probably going to happen is that they will raise about 1 billion shares, and the major shareholders will have bought about 60-70% of that figure whereas at the moment they hold about 20-30%. Also they will not have paid much for these shares. It is a dreadful thing to do to your shareholders particularly as chairman.
Also it looks like they have been carrying trading debt and now suddenly want to wipe the slate clean but in so doing it wipes out our equity. No decent chairman would do that to his shareholders but I don't think Dale Rodgers has any integrity and that is a worry and even if we survive this we will always be wondering what he is up to
As the company is in production don't you think it is a strange thing to do at this stage of events. Just imagine if the company is just about to take off and his family have picked up a large number of shares at .4 cent and we have all been massively diluted....even with only another 1 billion shares it is a lot
With the 5% I am hoping that we can put up a motion to remove only Dale Rodgers as director as I think he is the rotten apple in all this and then if we can get 50% support for that motion and remove him then we maybe able to get the capital raising modified. We cannot lose all our directors at this stage
Also go to ASIC and complain about the capital raising
CTL Price at posting:
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