@kingston67 Regarding the additional $5M, they are actually asking for an additional $6M. The terms currently put forward by Greg Starr and his directors in the current resolutions are not good for shareholders. The terms are actually very bad. They are proposing to issue an additional 2.5B at close to 0.5cents to "Strategic Investors". This is extremely bad for shareholders, hugely in the favour of "strategic investor", and will transfer 60% ownership from you as the shareholder to the new "strategic investor" in one General Meeting.
The directors and Greg Starr can and should deliver a more balanced deal for existing shareholders. If the resolutions are not approved, it does not mean that we go into bankrupcy, it means the directors have to do what they are paid for and come up with a better solution than handing over 60% of your equity to an unknown 3rd party that will effectively control the company.
@
matalotsailing if all ofthe resolutions are approved at the general meeting on Thursday, there will be 4 -4.5B shares & options on issue. So, if you believe the medium term market cap of the company is $25 - 30M, that means the medium term price of this share will be 0.6 - 0.7 cents.... no upside in the medium term.
For disclosure, I have voted NO to all resolutions.
