We Want Explanations From BOD28 Jul 2013 11:38
Many of us went into this investment for the statements given by Bob Wigley and the development of the new digital products. Also, the company started proceeding debt buyback at 38% of its face value. Few months after the formation of the COCOM the progression of the eMarketplace.com stopped, and the operation of Weforia.com ceased at its peak. The tune was changed and we already fell in the deep trap.
The outcome of the restructure is lack of clear explanations. In order for us to know what was going on behind the curtains. We want the BOD to tell us
1. Why the directors changed their bonus from share to cash? Have they considered the company’s cash flow?
2. The board will be changed after the capital restructure. Have the golden handshake been discussed?
3. What was the total debt before formation of COCOM? Bob Wigley purchased a million at 20% of its face value. What was the average value at that time?
4. How much Hibu debt has been held by each of the directors? How much they have paid for it if any?
5. How much is total cost incurred in the restructuring, and a detailed break down?
6. Provide us a full list of lenders, their holdings, purchased price and date of purchase.
7. Who decided to cease the operation of Weforia.com?
8. How many staff was involved in eMarketplace.com, and details of their roles?
9. How many other products are in development that will be out the market in future?
10. The board has written off the assets to near nothing. Why they fired two US executives for trying to sell the US operation?