I urge all shareholders in XPD Soccer Gear Group Limited to vote...

I urge all shareholders in XPD Soccer Gear Group Limited to vote no to the name change proposed to be put to a vote at the forthcoming General Meeting, scheduled for Wednesday 3 January 2018.

As a shareholder, you will have received the voting forms in the mail. If you can’t find them then contact the company’s share registry, Boardroom Pty Limited on:

• Within Australia:1300737760
• Outside Australia: +612 9290 9600

There is at this stage only one item of business for the General Meeting and that is to change the name of the company.

Does that seem strange to you? The company has been delisted by the ASX because two current directors and major shareholders have been selling down their holding and not notifying the market as is required by the Corporations Act. The meeting will be held during the festive/holiday season when many shareholders won’t be available. Moreover, the meeting is to be held in Perth, where to the best of my knowledge not one director lives and not where the majority (by number) of shareholders reside.

Our Chairman and the directors are content to

•    ignore the bigger issues like the misconduct of some of their fellow directors
•    the ongoing suspension of trade on the ASX,
•    ignore the fact that we have not received an operational update for many months
•   ignore the fact that that the cash backing per share exceeds the last traded share price by a factor of some tenfold
•   tell us that it is impossible to get the cash out of China at a time when cash outflows out of China are at record highs
•   have minimal or no engagement with shareholders on issues like why our last Chairman Benny Qui resigned

And so instead of addressing any or all of these issues our Chairman and the other directors have called a meeting to try to change the name of the company.

There is an expression for their behaviour; “fiddling while Rome burns”.

One final but significant fact that you should consider. At the time that the meeting is to be held it is highly unlikely that the shares will be trading on the ASX as the matter of exactly how many shares are held by Jaimeng and his father will not have been resolved. It is therefore impossible to accurately determine the number of votes they can cast. This is just another instance where our Chairman and directors are failing all shareholders. Set aside for a moment the suspect reasons for calling the meeting and just consider the absurdity of holding a meeting when there is a fundamental unresolved issue of ownership.

I will be voting no to the name change and I urge you to cast your vote as you see fit – but please consider the above when you cast your vote.

David Iron