YOJ - Yojee Ltd General Discussion

Forum Topics YOJ YOJ Yojee Ltd General Discussion

Longpar5

2 years ago

I enjoyed the discussion with Ed Clarke and was interested in the question around his shareholding, or lack there-of. Am just piecing together the story - would appreciate anyone with deeper background filling me in. He is listed in the 2021 Annual report as having absolutely zero shareholding - as noted here in this forum. He said in reply that he has an investment vehicle, managed by a director and has “very strong ownership”. This is all very opaque and a turn off for me.

He also chose, in May 21, not to purchase his 13m in ‘in the money’ options that he’d held since the reverse takeover in 2016. I’ve only just started looking, but this seemed weird (maybe he has no cash?). Note these were the only interests he held in the company as per his initial directors interest notice in 2016 (albeit this mystery indirect ownership may have still been there).

There are no holders over 7.27% as at the 21 Annual report (UBS Nominees - maybe they are working for him). It’s hard to think that he holds more than 3% of the company, given at 2016 REEF investments were the only >5% holder (~11%) and they have roughly held this position and retain only now 3% given all the dilution. Unless he’s been accumulating in the background - but if that’s the case why not convert the options.

I liked the sound of the company and Ed presented well, but when you are required to believe the story - given the loss making early stage nature of the business - insider ownership and transparency are a big deal. I’m not an expert and realise ownership structures can be complicated, can anyone shed any more light?

mikebrisy

2 years ago

Refer to the ASIC Regualtory Guide 193 - Notification of directors' interests in securities—listed companies

"Section 205G obligation RG 193.1 Under s205G(1) of the Corporations Act, every director of an Australian listed public company must notify the relevant market operator (i.e. the operator of the market on which the company is listed) of: (a) the director’s relevant interests in securities of the company or a related body corporate; and (b) contracts: (i) to which the director is a party or under which the director is entitled to a benefit; and (ii) that confer a right to call for or deliver shares in, debentures of, or interests in a managed investment scheme made available by, the company or a related body corporate."

Irrespective of the entity in which the shares are held, if he has a beneficial interest in shares, it needs to be disclosed. If it says he holds zero shares in the Annual Report (which it does, as you say), then I would assume he has zero shares. I'm not expert in these matters and happy to be corrected.

Strawman

2 years ago

We have a late starter with Yojee (ASX:YOJ) managing Director Ed Clarke joining us this Wednesday, 29th June, at 1pm AEST.

Details on Meetings page, and I'll send out an email reminder on Wednesday morning.

Seymourbutts

2 years ago

Excellent work securing the meeting so promptly Andrew.

Unfortunately I have a meeting at the same time, but will be sure to watch the recording! Will send through some questions prior.

Insider ownership is the first one that springs to mind... or lack of, especially considering Ed has been there for ~6 years. Interested to hear his take on it, I'm sure you will pose it to him in a tactful manner as always.

Cheers