Directors against Webspy transaction

Two director of West Perth-based Webspy have urged shareholders to vote against a $4.8 million acquisition of the Marketboomer group of companies, saying it is effectively a reverse takeover and did not add any value.


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Mr Chua and Mr Galbally, as current directors, should read the annual accounts of Webspy Limited that were recently published. They show a Net Loss for the year of $1.1 million. The Balance Sheet shows total equity of $1.1 million on a going concern basis. If the company continues like this till 30 June 2010 then it will be dead. Since the announcement of the takeover the share price has gone from $0.018 to as high as $0.030. There are obviously some people who are speaking with their wallets about the future of the company. The twelve month low was $0.007 which reflects the view of some past shareholders on the job being done by the current directors.

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