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Lizard
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Someone should ask Barry "How High?" Richardson what has happened to all the rights.

 

This was their release on Dec 14. The rights issue was Dec 07.

 

The offer of 44,801,079 ordinary shares was undersubscribed by 26,572,365 ordinary shares. [/size]Pursuant to Listing Rule 7.3.4ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚© the Board of BLIS Technologies Limited proposes to offer the shortfall to other persons on terms (including as to price) not materially more favourable than the terms of the rights issue offer.

 

Total shares on offer is ~130m. That makes it slightly more than the 19.99% they want to place not wanted.

 

Listing Rule 7.3.4ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚© is below.

 

So today is the day we know if the company has successfully placed up to 19.99% of the company at a price that is at least that of the rights or not. The rules require it. It is after all a material transaction either way according to the Constitution.

 

Instead we get a pathetic attempt to say don't worry everything is just fine. Go back to sleep.

 

Someone should report him to the NZX. I think "How High?" has just become a white collar criminal. But its not his fault. He's just an accessory and when he gets told to jump he jumps.

 

I guess we can take confidence in the fact that he owns shares just like the others. Well, not really, it just means all he is just another punter and someone elses neutered poodle performing his tricks. That someone else is Bio Pacific Ventures.

 

http://www.biopacificventures.com/theteam.aspx

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Hi Plastic,

 

From memory, the recent rights issues on a couple of other small biotechs (PEB, BIO) were pretty similar - didn't get the full rights away and were slow to announce outcomes. Seems to be some flexibility in these matters. If the allocation isn't announced within a few days, I think you can assume they weren't placed.

 

It's just the NZX. Don't get too paranoid :)

 

Cheers, Liz

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Hi Lizard,

 

It is just the NZX that is the problem. Apparently the rules don't apply. They are there so Mark Weldon can say they have an effective regime in place to be applied to those they choose to apply it to.

 

It should not be for an investor to assume or guess a particular outcome for 20% of the company they have invested in when the rules say upon the end of three months the rights expire.

 

We are now post three months and the only logical conclusion is the rights have expired. We know that because the rules say so. But where is the compliance with the continuous disclosure rules? The placement or otherwise of those rights is price sensitive because the buyer is a big pharma but don't tell anyone. And they will be paying a premium well above the issue price of the rights. Minimum 50c.

 

The NZX regulatory regime is a complete sham and now everyone can see it as such.

 

 

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Well, the NZX is now fully aware of the breach of their regulations and the fact that the cause of the breach is a material transaction in terms of the the market cap for the company.

 

And still nothing.

 

The NZX is a racket for the boys. No wonder it's considered the wild west but God help anyone who isn't in the club and wants to step over the 5% thresheold and not notify them.

 

Take a good look at those rule changes made earlier on this year. Officially made in the name of a fairer and more fully informed exchange. Unofficially it increased the damage to be done to those who aren't fully paid up Old Boys Club members.

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Since the last post I have discovered these people are ex-communique.

 

The telephone numbers listed are no longer connected and they won't respond to email.

 

Meanwhile, they have issued a couple of wet press releases but knowingly remain in breach of the NZX regulations on a material transaction wrt the rights.

 

This is a company in hiding who wants nothing to do with its shareholders.

 

All the leader wants is his own stock and options to be converted. Typically, everyone thinks it is a good thing to have a leader (in this case one who doesn't provide any leadership) invested in the company but it also means his ass is owned by his masters who will add the value to his investment. And that is Bio Pacific Ventures and Roche.

 

 

 

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  • 4 weeks later...

There is something that concerns me about the way these guys are conducting their business and I have finally found what it is.

 

First of all there is the issue of the rights expiring only to have some be exercised after the expiry date.Then a private placement is made without the exercise of any rights. So are they expired or not?

 

Then there is the issue that nobody can contact these people by phone since it has been disconnected and they won't respond to emails. I haven't sent a letter but I expect if the mindset is not to communicate with holders then a letter would end up in the wastepaper basket. An obvious attempt has been made to rule by decree in its press releases and to mitigate the great unwashed.

 

Now we find out that they have applied for and have been listed on the OTC counter in the USA. Something that would have required disclosure I would've thought. The obvious question is where will the stock come from? More dilution? The rights? Who knows.

 

But what concerns me most is that I have reported the matter to the NZX regulatory body and received no reply. Therefore, I know the NZX is aware of the lack of compliance this company has with its regulations. And this is what concerns me most after the Opes Prime debacle.

 

The underlying factor here is that the NZX is choosing to ignore the lack of compliance with its own rules. Thats OK. Ineptness and imcompetence is endemic in many organizations. That doesn't bother me so much. Except for when I want to bring this fact to the attention of the market watchdog I find that it is the NZX who regulates itself and it is the NZX I have to file with.

 

These matters might be trifling in comparison to Opes Prime but it highlights the fact that an Opes Prime could easily happen here because of the laxness at the NZX and the basic structure that allows a profit driven enterprise is self regulating.

 

Therefore, I have chosen to take it upon myself to report this matter to the Commerce Commission and will see what currency we get there. After that I wonder how a judge would interpret the word expire.

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The Fredo in the network of companies that is about to be rationalized by the Inventages/Bio Pacific Ventures group is NZX:BLT.

 

It is a well run company with some great product with an almost sub-cult following from those who have tried it. All reports from them have been stella and encouraging while making re-assurances that everything is on track.

 

They were supposed to have filed prelims on May 31 with finals June 30.

 

I hoped their pharma partner would be announced in the prelim. I expect it June 30.

 

But it has ducked for cover using a waiver provided by the NZX for compliance with new accounting standards and the prelim is now expected Friday the 13th. Rather ominous.

 

The need for the waiver might be genuine but I highly doubt it.

 

The other mistake this company made was their rights issue. Outstanding rights equate to 20% of the company.

 

The rule of the Exchange they used to make them stipulates that if they are not exercised within three months they expire. That date came and went with no notification of the acceptance by their pharma partner or expiry. Either way this is a major transaction and under another regulation needs to be notified.

 

Shortly after the expiry date a small placement was made and converted in total contravention of the rule they were issued under.

 

As a result I reported this with the NZX askig them to uphold their regualtions. Their response was derisory and has confirmed widely held views in the investment community that the NZX is nothing more than an incestuous little cesspit of self-serving interests.

 

Today, on piffling volume NZX:BLT have made a 20 month low forming a very symmetrical looking convex double bottom to provide any TA'er confirmation of a breakout when it comes.

 

So it is my expectation that maybe on Friday, but certainly by June 30th all will be revealed otherwise these people will have to carry on the facade of independence while hiding behind the Inventages/BPV skirt taking their instructions.

 

We will see the rights get placed in total contravention of the NZX regs. and with their full knowledge.

 

But more importantly, we can expect the entire sector to be undergo its keiretsu-rization and rationalization in one hit. That includes ASX:BLT.

 

So, if anyone hasn't got their tickets yet I suggest you move quickly.

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