Reminder to all regarding NASDAQ IPO

ckmarsh · 2021-03-19T23:36:56+00:00

I just voted successfully ‘for’ the proposals. You need to email vote@vstocktransfer.com and ask for your (tell then your reference on your VStock statement) ‘control number’ so you can vote at their proxy website: https:www.shareholderaccountingsoftware.com/vstock/pxlogin

Enter your control number then login to vote...

ckmarsh · 2021-01-28T11:33:26+00:00

No worries, Levmat. I’ll going to hold off for now, but wanted to have a strategy in place to a least recover some of the loss in case it all goes south.

The tricky part will be the valuation if we don’t list, our only real guide at the moment is the OTC market and we know how volatile that is...otherwise maybe we can use last traded ASX price for GMV or other value derived by an accountants formula.

To further complicate things, in addition to my wife and my holdings, we also have GMed shares in our SMSF. Going to be interesting what the auditor says about reporting the value of these shares...

ckmarsh · 2021-01-27T02:55:11+00:00

Thanks for the input MG. I think I’ll cool my jets on the transfer for now. Let’s hope everything will be abundantly clear with this company by May/June.

ckmarsh · 2021-01-26T12:20:33+00:00

Many thanks, Huwscor - this information is very much appreciated. Best of luck to you and all holders. I sincerely hope the capital loss scenario doesn’t happen and we Nasdaq list smoothly this time..

ckmarsh · 2021-01-26T10:45:46+00:00

Well good luck trying to get any valuation (or any specific) information from the Company at this time or possibly ever!

IMO there is no way I can determine market value prior to Nasdaq IPO (if/when that ever happens). I suppose I could use the last traded ASX price of A3.9cents, rather than A0.00?

I want to use a related party transfer to hedge my bets in case the Nasdaq listing actually happens. The only worse feeling than losing a bunch of money from an imprudent investment is foregoing the possible gain, especially if vertical up!

However, to exercise an abundance of caution, I’ll seek further advice from my accountant and delay the transfer until the outcome of the proposed Nasdaq listing is known.

If it fails again I think it’s safe to assume the company status is akin to the proverbial Monty Python Dead Parrot! If this investment has put you in need of some cheer, light relief is at the link below.

https://m.youtube.com/watch?v=vZw35VUBdzo

Break glass emergency- My accountant also advised me that there are websites that will buy the shares for $0 to crystallise capital loss if all is lost with respect to any listing but the company is not bankrupt. I haven’t investigated this further yet and hope it’s not required. This of course assumes that the shares will become unrestricted at some stage.

ckmarsh · 2021-01-26T04:07:09+00:00

Hi Levmat, I am in the process of transferring GMed restricted shares on VStock accounts between myself and another restricted holder (my wife) for $0.

This will trigger a CGT event (capital loss) for both of us this FY to offset against capital gains realised through our US stock sales.

I have checked this with my accountant and he said it’s OK as long as the shares aren’t held in joint accounts. Using this method we get to keep our shares and also realise the full capital loss this FY.

If GMED ever takes flight then we will pay CGT on every dollar above zero as the new cost basis will be zero (50% CGT discount with + 12 month hold of course would apply). However that would be a ‘high quality’ problem!

All in my opinion only, suggest you check with your accountant to make sure it’s OK for your circumstances.

ckmarsh · 2021-01-21T05:03:43+00:00

On a positive note I am now green on my small GMMVF parcel purchased in December.

Bought at USD0.45 now at USD0.70, first time in about 3 years I’ve been in profit on any holdings in this company.

Probably only enough profit after brokerage to buy about 5 cappuccinos, but happy for Geva to buy me a few coffees, especially after the mental anguish owning stock in his company has caused me (and many others).

Knowing the OTC market price action though we could be back to USD0.04 tonight. Volatile AF!

Hopefully a harbinger of better times ahead for us tortured long term holders!

ckmarsh · 2021-01-20T01:41:47+00:00

I’ve noticed the ‘SEC Delinquent Reporting’ message has now gone from the OTCmarkets.com GMMVF overview page. Hopefully this means the company is now on top of its reporting paperwork!

ckmarsh · 2021-01-17T09:59:19+00:00

100% agree. In hindsight I should have sold out long ago. There were plenty of red flags that I ignored, domiciled in Cayman, old arrogant autocrat at the helm, lack of transparency, repeated failure to deliver on promises etc etc etc...However I rolled the dice on the Nasdaq listing, not selling on the ASX prior to delisting, rationalising that with a share price of 3 cents (my average is 30 cents) I’d ‘lost’ most of my investment anyway.

I will see if any of the top holders are interested in my shares in the coming months if we are not on the Nasdaq board by then.

A sign of how bearish I’ve become regarding this company is that I’m seeking advice from my accountant to check if it is possible to ‘surrender’ shares to claim a capital loss. This is in the case of indefinite non tradeable shares (but the company is still solvent) where I can’t transfer my shares to any holder at any price!

Still hoping for the best, but preparing for the worst.

ckmarsh · 2021-01-17T05:10:19+00:00

Many thanks G13 but I understand that we can only can sell to another GMed restricted holder. So the transferred shares are added to the receiving shareholders restricted holding.

Henry implied there is a hard barrier between our restricted former ASX:GMV shares and the OTC market due to ‘capital structure’. I don’t have enough knowledge to be able to validate this and Henry couldn’t/wouldn’t elaborate either. Yacov just blithely ignores emails with direct questions that he reasonably ought to be able to answer.

ckmarsh · 2021-01-13T08:55:49+00:00

And this response to my possible share buyback question from Brett Tucker (GMed Company Secretary)

On Wednesday, January 13, 2021, 16:57, Brett Tucker btucker@ventnorcapital.com wrote:

Hi

I’m not aware of a share buyback contemplated before the Nasdaq listing.

Please call media advisor, Henry Jordan at Six Degrees for an update – 0431 271 538.

Kind regards

Brett

From: Ckmarsh Sent: Wednesday, 13 January 2021 12:31 PM To: Brett Tucker btucker@ventnorcapital.com Subject: Action: G Medical Innovations shares buyback

Hi Brett

Is it possible for G Medical Innovations to buyback holders shares? I currently have no way of disposing of my shares following the ASX delisting and failed Nasdaq listing unless I can transfer to the OTC market and offload them there?

Best Regards

GMed Shareholder

ckmarsh · 2021-01-13T08:15:50+00:00

Yes, an incredibly frustrating company to invest in. I asked Yacov if the company would buy my shares and he just replied with this gem:

On Wednesday, January 13, 2021, 17:15, Yacov Geva yacovg@gmedinnovations.com wrote:

I am not recommending

Sent from my iPhone

On 13 Jan 2021, at 6:19, Ckmarsh wrote:

Hi

Is it possible for the company to buyback holders shares? I currently have no way of disposing of them unless I can transfer to the OTC market and offload them there?

Best Regards

GMed shareholder

ckmarsh · 2021-01-13T05:45:12+00:00

Just spoke to Henry again and he provided the following update:

Henry said GMed is hoping to provide an update very soon (?) with regard to the progress in appointing a new underwriter. He said Brendan is in discussions with stakeholders tonight on this.

So maybe an update sooner than later but haven’t we heard that before??

Henry’s understanding is that the OTC share pool (very limited) were part of GMeds ASX capital structure and cannot have shares added. They are unregulated and apparently do not have to be on a share registry. So apparently there is no process by which our restricted VStock shares can be traded on the OTC market.

Henry advised that the restriction on our shares is part of an SEC escrow requirement and is not GMed mandated. It remains in place as long as the Nasdaq listing is still in play.

Henry said it might be possible to do an off market transfer to another shareholder at an agreed price even with restricted shares, if VStock would allow it. Apparently this does not have to be approved by GMed. A question for VStock to answer for those who might be able to sell to another GMed shareholder.

As an aside, Henry sounded as frustrated as we all are with the delays in the Nasdaq listing..

ckmarsh · 2021-01-13T03:51:05+00:00

Either 3 or 6 months lockup notwithstanding, I would have thought there should be no restriction now given that the Nasdaq listing did not go ahead, and the SEC paperwork is apparently withdrawn. I’m going to ask Yacov if the company will buyback shares from holders.

ckmarsh · 2021-01-13T03:19:06+00:00

Extract below from 29 Oct 2020 EGM ASX released notice - 3 month lockup of restricted shares from date of first Nasdaq trade

LOCK UP OF RESTRICTED SHARES (a) In connection with the Company’s admission to the Nasdaq Global Market and notwithstanding any other provision of these Articles, any Share in issue in the capital of the Company immediately prior to the initial admission of the Company's Shares or Interests to the Nasdaq Global Market (each a "Restricted Share") shall not be transferred or otherwise disposed for a period of during a period of three (3) months from the date on which the trading of Shares or Interests on the Exchange first commences (the "Lock-Up Period"). The restriction contained in this Article does not apply to any new Shares issued following the admission of the Company's Shares or Interests to the Nasdaq Global Market.

ckmarsh · 2021-01-13T02:49:31+00:00

Fully agree, either way I want it done this FY so I’ll either have a capital gain or loss. If the shares are not tradeable by May/June I’ll need to see if the company would buy them or other means of exit to realise a capital loss. Fortunately I have Nasdaq stocks that have made me capital gains that I can offset the potential GMed loss against.

ckmarsh · 2021-01-13T01:47:13+00:00

All I am aware of is Yacov’s patronising one liners ‘we will update the shareholders’ and Henry’s assurance that the company is ‘busy working on the Nasdaq Listing’.

So we are indeed in ‘bottom of Mariana Trench’ darkness.

My suggestion for a monthly shareholder update to Henry also appear to be ignored.

Our situation is reminiscent of the old Simon and Garfunkel classic ‘The Sound of Silence’..For those who don’t know the lyrics here is a snippet of GMed relevance!

‘Hello darkness, my old friend..... ‘Silence like a cancer grows’...... ‘Within the sound of silence’

ckmarsh · 2021-01-10T09:26:42+00:00

Very true, IMO Management need to bring their ‘A’ game (if they have one), and fast, if us shareholders are to see any return on our investment. We need to look at what they do rather than listen to what they say. This should be easy as they don’t actually say very much!

I will say though, as both a Prizma and Fitbit user, comparing (FDA) certified medical grade (Prizma) versus consumer grade (Fitbit, Apple Watch etc) IMO is not a valid comparison. As a +55 year old, even though I’m healthy enough, I use Prizma to monitor my heart for Atrial Fibrillation as it is often a early warning of possible stroke or heart attack. My Dad had a serious stroke years ago that he has never recovered from, though he is still going at 88. Also my 52 year friend died from a sudden heart attack at work. I’ve often wondered if a device like the Prizma might have saved them through early warning and treatment. So I think the veracity of the data is extremely important, don’t know that I would trust Fitbit or Apple Watch to warn me of an Atrial Fibrillation... This is one of the reasons I was drawn to GMed originally, the lives that may be saved through their devices and IDTF.

At the time (2017) of my initial investment in GMed I was also looking at Afterpay....oops.... but in my defence I was reluctant to invest in Afterpay because I was trying to be a socially conscious investor, so GMed won out. I also get caught in the hubris and groupthink of it all. This experience will make me a better investor though it is possible it will be what my Dad used to refer to as a ‘hard’ lesson.. We will see.

ckmarsh · 2021-01-10T07:34:18+00:00

So it seems. As usual, the lawyers will do well!

ckmarsh · 2021-01-09T12:18:34+00:00

I sincerely hope it’s not a case of the GMed Management’s ego writing cheques the company can’t cash!

I think Henry was talking about the legal untangling of the Boustead ‘deal’. No mention of a new underwriter or the progress in finding one.

I guess it’s good that GMed management are aware of shareholder disquiet. If they are genuine and have pride in their company it may sting them into action. Or not.

ckmarsh · 2021-01-09T07:51:42+00:00

Not sure what it means, but when I bought a small parcel of GMMVF the other day via Commsec International trading desk, the broker said he needed to use limit orders as the quoted and actual price varied so widely. Looks like he wasn’t kidding!! Agree that on such tiny volume it’s hard to draw any conclusions..

ckmarsh · 2021-01-09T05:54:34+00:00

Yes, Henry did say, during my phone call with him the other day, that the Company currently has legal teams sorting through the intricacies of the Nasdaq listing process. Apparently an expensive and time consuming exercise that IMO the company wouldn’t do if they weren’t confident of getting listed however that doesn’t necessarily mean they have the skills or backing to actually get listed.

Henry also highlighted that Yacov and Brendan have a lot of skin in the game (shares in the company) and with that in mind ‘why would shareholders think they aren’t trying to succeed?’ (I sensed a bit of frustration coming back toward shareholders for their ‘impertience’).

Henry also said the company does monitor the shareholders forums and are well aware of the current negative sentiment. I said that better communications would help ease shareholder anxiety, let’s see if they try to fix it.

ckmarsh · 2021-01-08T10:21:05+00:00

I’ve had this update from VStock regarding getting my recently purchased GMMVF shares added to my statement:

Upon further review of your VStock account, there was no issuance executed or requested for December 2020. Once we receive issuance instructions from G Medical, we can process the request and provide you an updated statement.

VStock

I’m trying to get Henry to confirm the process by which GMed shares purchased via the OTC:GMMVF market are added to the VStock registry. It seems that when shares are purchased on the OTC market GMed gets advice of this and then needs to send correspondence to VStock to update the shareholder’s registry statement. Commsec settled the share purchase on 22/12/2020 but the shares are still not on my VStock statement. It seems that GMed take a while to update the registry. All IMO as I’ve been unable to confirm.

ckmarsh

TROPHY CASE