Excerpt from my original post ::
I did read the DGTLF proxy vote materials and I have to say that it was somewhat dissapointing that the company gives us no new info on business plan, direction, sales or even the progress of the law suits and instead only schedules more general meetings to discuss the process by which the company will dilute us shareholders even more by issuing shares and converting options from more subscription processes.
What is going on? Doesn't this company have enough capital already to move forward?! The rights subscription was huge and now they are talking about more rights issuances. At least some postives include -->
any issuances will not exceed 20% of existing share capital of company
and
options scheme mandate will not exceed 10% of existing issued shares
and
future options can be exercised at HKD$0.10, whereas we shareholders who bought into the subscription paid HKD$0.22 already, so the company is asking us existing shareholders to YET AGAIN double down on the company IF we would like to keep our existing stake the same as it was, otherwise we will just be getting diluted by others with a lower cost basis so that the company can have even more money on the balance sheet, this is BS.
They are still talking about more dilution albeit capped. Another negative is that even though the company spoke about a share buyback, it looks like they would have it capped at only 10% of existing share capital, so they COULD possibly (not a given) buy back up to 1/10th of the shares outstanding??! How pathetic; gee thanks for the 10% gain! Whatever, most shareholders who bought into the last subscription have already seen a ~25% decrease in the share price so if they buy back 190M shares at .10 it actually will not even be a 10% increase in pps because the company is buying back the shares at .10 not .22 or last price of .17 so it will be less, not to mention that they then will have an even greater incentive to drop the ask and sell shares at .17 and .16 because the companys cost basis for those shares will be .10!
Ultimately I see this 'options' 'scheme' as BAD for the company, well maybe not bad for the company itself but bad for its shareholders and maybe indirectly bad for the company in the long run as I think many stake holders are going to get frustrated and annoyed with this constant rights issuance at lower prices along with some degree of dilution. They keep basically forcing existing holders to keep doubling down on more and more shares just so that they can keep afloat. How about a fresh start and the company actually begins putting an effort into renewed vigor in sales and marketing of product?!
As far as the proxy vote, I suggest if you go to the general meeting or proxy vote electronically that you vote in the following fashion; I know I will. .. -->
Resolutions ::
1)FOR
2)FOR
3)FOR
4)AGAINST !!!!!!!!!!!
5)FOR
6)AGAINST (this one is a joke, it basically allows the company to issue back as many shares as they would happen to buy back!) It is a fake limitation, how about simply NO MORE issuances/dilution (resolution #4 AGAINST).
7)AGAINST (same as above, no more playing with share structure anymore even if it is a provision to limit the boards authority, that is my vote).
Owning shares in this company continue to be a frustrating prospect and management needs to get aggressive with the lawsuits, sales and marketing of new products as well as restoring investor relationship/confidence by halting the options schemes and issuances. Shareholders already have given this company a second chance with the rights subscription and now the company wants us to approve a third, fourth and fifth issuances?!! NO
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