Was ANX Management ethical in hiding intentions:?Normally, in my experience, companies intending to consolidate their share capital, generally issue a news release in which this intention is made known to shareholders, well before the date set for a meeting. Sometimes, companies seek shareholder approval to consolidate---some time in the future, if deemed prudent. In our case, it seems to me that ANX deliberately hid this proposal until the details to be considered at the ASM, were already decided. So, for most shareholders, they only learned about this proposal on receipt of the Information Package and well after the record date. Such a tactic favours management over the interests of the shareholder. The shareholder has no real opportunity to react appropriately once the Record Date has passed and with all of the selling since October 10, 2014, shareholders are losing out because most sellers have little interest to vote once they have sold out. This again favours management.
Does anyone else feel the way I do i.e. that our Management acted underhandedly and unethically in not releasing a press release well before the date set as the "record date"? Also, by waiting until the stock had fallen to .04cents to move on a consolidation, what chance does the long-term shareholder have now in ever recovering his or her original investment in this Company?
I have lost my respect for Management. 160K