G'day Towie, I'm certain that you care. You've been there all along and like all other former Renison shareholders have seen all that go down the drain and after looking like we had a chance after the reconstruction and buying into LNY as a "start up" company that it was, all that has also gone out the window, especially the equity side of things and although SB is down on percentage he and his friends will also dominate that new CR and still have complete control over the company.
As for the TOs. Who knows what's holding that agreement up? Sure, there are procedures to follow that take time, but, management have had at least 5 years under the LNY flag and years before that through Renison and the offer from management only went to the TOs in late November 2017.
All we want is a very brief statement rom management just telling us at what stage the application has reached. That is certainly not too much to ask. The only people who do know how this process works are the NQLC that represents the TOs and LNY management, but, nobody's talking. While this is happening management have started a CR which does not include shareholders that will potentially (very likely) add over 700 million more shares on issue and creating a potential $100,000 p.a. interest payment with the SB debt and the CNs.
To ask anyone to intervene re the TO agreement now could be totally unnecessary IF it's not the TOs that are holding it up.
I can only hope that the fact that they have created this further repayment obligation on the company that they must be able to see the light at the end of the tunnel, otherwise, unless all the CNs are held by Directors who will convert interest into more shares, wher does that cash come from.
Why don't they tell us what is going on (a) re the TO agreement and (b) how much have they now issued with that CR?
Not too much to ask.
LNY Price at posting:
0.3¢ Sentiment: None Disclosure: Held
