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16/06/18
00:55
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Originally posted by the bottom line
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Could be - you never know. think we at least share a brain - not the same one - but ones that work.
Few questions here:
1. Why didn't any of you true believers subscribe for one single share or invest one single dollar between you all in the Entitlement?
2. Why didn't any shareholder (apart from the (pre-committed" ones - the ones that pledged $270k before and during the Offer) take up a single share?
3. Who were the "pre-committed" shareholders and why did they pre-commit and go public about that undertaking?
[Logic tells you they were Directors/Officers - they had to be "Insiders". It makes no sense, whatsoever, for any other "normal" or "unrelated" shareholder to go public on an unnecessary and unrequired commitment]
4. Why didn't those Insiders honour their public undertakings?
[They were bold enough to let MSM publicly announce that they had committed to $270k in subscriptions into the Entitlement Offer but only took up circa 50% of that amount. MSM had to announce that the company and those Insiders had "agreed to settle" the balance of circa $136k post the Offer and through part of the shortfall]
5. Did the company and the Insiders mislead the market with the announcement on their commitment - it was hardly a commitment when they only honour 50% of their undertaking and then have to enter into a "settlement" agreement.
[If those pre-committed "eligible" shareholders were Directors or Officers of MSM or were related in any manner to MSM (pursuant to the ASX and Corporation Act), then those parties can not take the $136k in a post Entitlement placement from the shortfall without specific shareholder approval.
6. Why do the MSM fan club believe so strongly that Riva will be any different to those Insiders (and every single shareholder apart from those Insiders) and decide the economics just don't work for them and walk away or renegotiate everything - from the Megastar India deal to a placement price. Paying $3.4 million to purchase a portfolio in MSM worth almost exactly half of that on today's closing price - it is brutally and financially illogical and commercially unlikely - it is truly absurd, naive and pig-headed to be so blindly and unrealistically confident - particularly when the Insiders dishonoured their commitments and stump-up the grand sum of $140k - which after around $50k to $60k of presumed costs - nets $80 odd k of salaries and fees.
7. Given the above - have I missed an MSM ASX release saying that Riva had re-confirmed their commitments and the cheque was in the mail?.
8. If not, could someone please explain the "Great news" and enchantment out of the ruins of the past 2 days
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Has the question of insolvency been in your head?
I can’t work out how they have paid the bills for May and June. As each day and week go past the bills keep coming in.
Last edited by
myASX :
16/06/18