Years ago when I was a shareholder – I attended an Austpac AGM...

Years ago when I was a shareholder – I attended an Austpac AGM and asked some questions of the board about Partly Paid shares. I had a difficult time interacting with the company secretary and board and I did not get any answers that made sense.
In the end this was a blessing in disguise – while I did not get any useful answers to my questions, the encounter did allow me work out the truth about APG management.
Once I could see the deceitful and self serving nature of APG management, I sold all my APG shares.
I consider myself fortunate I am not now an APG shareholder – but I feel a lot of sympathy for many of you who still are.

Shareholders have allowed the APG secretary and board to get away with some very dodgy and misleading practices for a long time – because the secretary and the board have done a good job of hiding it from them.
In the last few weeks I have written on HC about a variety of subjects regarding APG. I have written truthfully and attempted to back it with facts.
It may be difficult - but if shareholders want to find out the truth for themselves – then they need to ask some questions at the AGM.

** Why is APG issuing shares before receiving payment for those shares, and how long has this been going on??

** Why are the Quarterly Cashflow reports so incorrect and misleading? Specifically:
* Why does the Quarterly Cashflow report for 30/6/2018 say APG has cash at bank = $118,000 but the audited Financial Report say that APG has only $29,155 on the same date??
* Why does the most recent Quarterly Cashflow report to 30/9/2018 say that APG had received the full payment of $180,000 for shares that had been issued – when the audited Financial Report says $145,000 has not yet been received and is still owing to APG by a company associated with the APG company secretary, Nick Gaston??

**Why are APG directors not forfeiting their Partly Paid shares after 10 years like they are supposed to? Specifically:
* Why is Chairman Cuthbertson claiming to own 9.5 million Partly Paid shares in the latest Annual report when he is only entitled to 3.5 million PP shares??

These questions should be asked to chairman Cuthbertson or director Iles.
The company secretary may be doing a very bad job – but it was the job of the directors, particularly those on the Audit Committee to act in the shareholders best interests and ensure these kinds of things do not happen.

Wilcox

PS – It was not in the annual report but shareholders would probably like to know:
** Current number of APG employees -not contractors but those who receive Superannuation from APG.
** What patents does APG currently hold