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Replies to post #14025 on Independent Film Development Corp. (IFLM)
05/10/21 11:49 PM
Item 4.Purpose of Transaction.
The Reporting Person purchased the Shares with a purpose or effect of changing or influencing control of the Issuer. Specifically, the Reporting Person believes the Issuer has been mismanaged by the Issuer's board of directors and management, and also presently lacks a meaningful business plan, all of which disproportionately impairs the interests of the Issuer's common shareholders and unfairly advantages other stakeholders, specially the Issuer's board of directors, management, and preferred shareholders, some of whom have been paid, in the Reporting person's opinion, inflated salaries.
The Reporting Person does not intend to support the Issuer?s current board of directors or management, and intends to engage counsel to protect the Reporting Person?s interests, along with the Reporting Person?s plans to request that other common shareholders participate in changing or influencing positive control of the Issuer.
Depending on overall market conditions, other investment opportunities available to the Reporting Person, and the availability of securities of the Issuer at prices that would make the purchase or sale of such securities desirable, the Reporting Person may seek to (i) increase or decrease his position in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private transactions or otherwise on such terms and at such times as the Reporting Person may deem advisable and/or (ii) enter into transactions that increase or hedge the Reporting Person's economic exposure to the Shares without affecting the Reporting Person's beneficial ownership of the Shares and/or (iii) engage in an extraordinary transaction, such as a merger, reorganization or liquidation, involving the Issuer or any its subsidiaries, and/or (iv) reconstitute the Issuer?s present board of directors and officers with such individuals having the necessary market experience to implement and execute a meaningful business plan.
The Reporting Person has no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D, except as set forth herein or as would occur upon or in connection with completion or, or following, any of the actions discussed herein.
The Reporting Person may take positions regarding or make proposals with respect to, or with respect to potential changes in, the Issuer's operations, management, certificate of incorporation and bylaws, composition of the board of directors, ownership, capital or corporate structure, dividend policy, potential acquisitions or sales, business or assets, strategy and/or plans of the Issuers as a means of enhancing stockholder value.
The Reporting Person may change his intention with respect to any and all matters referred to in Item 4.
The Reporting Person intends to review his investment in the Issuer on an ongoing basis and may from time to time in the future express his view to and/or meet with management the Issuer's board of directors, other stockholders or third parties, including potential acquirers, service providers and financing sources, and/or may formulate plans or proposals regarding the Issuer, its assets or its securities. Such possible plans or proposals may include one or more plans or proposals that relate to or would result in one or more of the changes referred to herein, or any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.
