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BMD won't have to issue many more shares before the crew go over 50% of the equity. That makes things so much easier. No need for inconvenience of a vote by the general shareholder base to wind up and distribute the cash. The 6 directors could vote at any time and no-one else gets a look in.
Nothing would surprise me on aim anymore Sorry we don't have the strick rules of aim do we
The only reason I can logically see as to why BMD has brought in NED's is to protect his position and carve up the company's assets with his mates. He is conscious of the position if he personally goes over 30%. He needs cronies. Why pay for the useless paper when you can create tons of shares and blow away all the original shareholders equity value? BMD loudly condemned ELLERTON for changing the articles of association to allow him to create an UNLIMITED number of shares. Dan is now cynically using that ';right' to relieve shareholders of their fair share of the assets. What is to stop him , overnight, creating 40 billion shares and depositing them in the companies treasury? All existing shareholders then only hold 10% of the company's wind up value. Surely that couldn't happen? could it?
How many non executive directors does it take to manage £150k? And how much should an NED as part of a team of NED's be paid to manage £150k? A lot less than they seem to be paying themselves I would suggest.
BT is a director at new Just the same thing ias far as I'm concerned But at least it's got people posting on the BB And I'm sure that they read it
TW pulling his punches as regards BMD as usual; "Sefton Resources - shares in issue balloon but what is the cash position?" By Tom Winnifrith | Monday 24 July 2017 hTTps://www.share prophets.com/views/30521/sefton-resources-shares-in-issue-balloon-but-what-is-the-cash-position I have had tp put a space between the words share and prophets as LSE auto deletes otherwise. Close the gap to make a working link. TW makes out the cash position is FAR worse than my £150k guesstimate. He does not raise the legitimate questions of the up front award of shares to the new directors or even why they are required. Looks to me like BMD is taking care of his friends and ensuring his gang have enough votes to stop BT or anyone who may try to call an EGM.