CellOS Software Share Registry Scandal
An attempt to visit the Share Registry of CellOS Software has created a brand new scandal at the troubled company.
Last week a Shareholder made arrangements with Compushare to visit the share registry, the individual wanted to view the registry as suspicion has grown with some shareholders of strange stock issuance’s.
The spark for the suspicion is that while old management were in place the stock was valued at $25 a share for the purposes of raising money, but after new management took over there has been alleged offering at 16c per share. The issue is no one is sure what exactly is being offered now and even if it is legitimately backed by the equity in the company.
The war between old and new management is still raging and there are numerous court actions on the table from both sides, something that will certainly slow progress at the company.
Below is a copy of that shareholders complaint to ASIC
Just wanted to bring to your attention my experience today. I am a Cellos shareholder and ex-Board member. There has been a lot of talk about mis-conduct by the current board and so today I requested to see the Shareholder Register. I was told I couldn’t until I had been granted permission by Cellos. I naturally questioned this and he said it was a directive by the Cellos Board. I asked if it was illegal to refuse access to the Register and he agreed it was. I then asked why then he was restricting my access to view the Register and, in doing so, behaving illegally.
He then put me on hold for 13 minutes. When he returned, I asked who he had been speaking with. He indicated “reception to set up an appointment time”. The time was inconvenient and so I asked for another time. He put me on hold for about 30 seconds and then came back with a suitable alternative.
On my way to the appointment I received a series of communications from legal firm Corrs advising I could not take any notes, photographs etc. of the register and that there would be a lawyer at Computershare to make sure I behaved.
Of course, I was greeted by a lawyer and shadowed for the entire time I was at Computershare. The warnings and standover tactics bordered on bullying. What has this organisation got to hide, to the extent they behave in such a way. Why do Computershare staff create barriers for shareholders to go about the legal given right; that is, inspect a register for an organisation in which they are shareholders? What happened to transparency and accountability.
I find the behaviour of the Computershare employee unforgiveable and highly questionable. I would expect what I got from a legal firm. There is something going on here worthy of further investigation.
The question now is whether or not the company has severely restricted access to the registry and if so why?
The other concern is has the value of the stock dropped from $25 to 16c.