Yea, I will try again to post an answer to your question (my posts have been getting deleted immediately, not sure why).
The DGTLF proxy vote is concerning because it looks like the company is again attempting to move for another rights issuance which I do not understand because the last subscription was very successful and got the company where they need to be. Not sure why the company thinks it needs to raise even more capital, the balance sheet is again very healthy and they need to focus on sales/marketing/legal proceedings and not keep destroying the investor relationship by forcing long term shareholders to keep doubling down by buying and converting more rights shares just to keep pace with the dilution. It is perplexing and even with the announcement of the share buy back it comes with a provision (to be voted on) that states that the company can turn around and issue the same number of shares that they bought back so there really is no point to the buy back. Also, they would limit the buy back to 10% of the existing share capital as well as buying in at a price of HKD$0.10 so this does not do investors any favors. At least they mentioned that the possible rights issuance would be limited to a max of 20% existing share capital but still that means some investors getting in at HKD$0.10 which is a lower cost basis than the last issuance at HKD$0.22 and cheaper than the current market price (HKD$0.17)!
It is concerning and not very investor friendly practices. I think management needs to take a deep breath, pause and figure out if this is really the road they want to go down. One more time with dilution and share issuances is fine (it is limited) however if come summer or end of year the company again decides to dilute, raise capital and issue shares along with no new progress with the company story/business, I will be getting out over time. I still think that the shares are undervalued here under book and it takes many months for a company to turn the story around but if in a couple months if there is no progress and just further raising of capital, I will suggest for stake holders to just get out and sell shares.
I know the vote will not matter much for us small fry investors but if any decide to proxy vote electronically then I will be 'FOR' all of the provisions EXCEPT #4. I will vote 'AGAINST' item #4 as I think it is time for the company to get off of the proverbial 'teet' and buckle down and start earning for the company rather than just squeezing investors dry with more and more issuances.
cheers
GLTA!
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