Oily, I think the 249d is completely a waste of time and money....

Oily, I think the 249d is completely a waste of time and money. Shareholders had their say last week at the AGM and overwhelming voted for the board to stay on. Now we are going back a second time to vote, which costs MOT money, which in turn costs us shareholders money. Just sucks more money out of the bank, which doesn't look to flush at the latest accounts.
As to the Statement OF Claim, I'm not sure about that one. Wendy and Jason from memory(cold be wrong, as it was a while back)got something like 60 million shares for the sale of cbox. Cbox was the shining light that got us back on the board listed again, and our share price started to slowly recover. Throw in a couple of supposedly big, high growth deals and the share price took off. Unfortunately, some of these deals were not all that they were cracked up to be, and we share holders saw the share price come back down to earth, or next to zero now. Around the time cbox was let go, the legislation was changed to stop nuisance fax marketing, like the nuisance phone calls, which was to severely effect cbox's main revenue stream.
I don't know the ins and outs, but cbox was let go, and according the The Age article last week Wendy kept her shares, and bought the company back for $1. "That shareholder is Wendy Syme, who holds about 8.45 per cent of Motopia stock, issued to her when the company bought her marketing business cBox in 2009 (she later bought it back for $1)."
So I'm trying to work out what the claim is for. The claim states "The Board of Motopia Limited (ASX: MOT) wishes to advise that it has received a Writ and Statement of Claim (Claim) filed in the County Court of Victoria from Wendy Syme against the Company seeking damages arising from the sale of cBox Pty Ltd in August 2011. Am I missing something. Cbox issued 60 million shares, then gets their company back for $1 and keep all their shares?? Looks like a good deal for cbox, or Wendy and Jason, but not MOT shareholders. Seems strange that the person who appears to be benefiting from the transaction, and has been spruiking she has MOT shareholders best interests at heart, has issued a writ against the company, and inturn shareholders!!
Both the 249d and writ will cost the company dearly, which puts MOT shareholders at risk of the company being insolvent.
Neil Fleming (her agent) goes back to the Red Paragon days, when he threatened to take the then board to court requesting shares for his involvement in Red Paragon. The board settled, and Neil walked away with a swag of shares. He has been known as several alias on HC. Have chatted with him a few times, and appears to be a nice enough guy. I was under the impression he sold out of MOT a long time ago though??
Lets just hope that we can get something worked out. I would love something that doesn't dilute us shareholders, but the way things are going, their maybe no company to dilute. Sad state of affairs. Been in this sick puppy from the early PBI days, along with the likes of Blokes, but things just seem to get worse and worse as the years go by.

Noggie
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