He should be made to at least pay the remaining shareholders out before delisting or make them an offer seeing as he holds the majority. Fines are just a waste of more money unless it is going to the shareholders abandoned by the NZX reg co
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I've heard directly from a previous board member that the reason they all resigned was of how dishonest he is. That's putting it lightly I imagine. Not sure if shareholders can do anything about this cowboy but goes to show how little the NZX/NZ RegCo does in nailing these people.
The board is there to represent the shareholders. Thanks to the board in Resigning in mass this has put all the shareholders in an impossible position. Another example where NZ boards are amateurs and do not serve the shareholders and coupled with the impotence of RegCo NZ still is the Wild West.
Are you able to elaborate a bit further on what both sides are saying?
I am also gutted that Regco/NZX are deserting the shareholders. Regco/NZX deserve much bigger fines than those they handed out to QEX. They need to be held accountable for the rort Regco has shown itself to be. I also contacted Ronnie today and he is prepared to communicate with shareholders both via phone and email, which is positive.....but shareholders still need to see numbers and a balance sheet.
At this moment I do not believe de-listing is the right option and could potentially exacerbate shareholder positions.
Hi brain Or another Brainy person is it correct that when delisting occurs all shares are forfeited & all money Invested unrecoverable .
Not necessarily, you are all still shareholders, just not listed on the sharemarket. Shareholders in circumstances like this really need to unite to protect their interests, or some lawyer will figure out a way for the principal owner to stuff all of you. In a situation of a majority owner being a protagonist, it gets more difficult, but not impossible to get some crumbs back from an otherwise hopeless debacle.