Quote from parmenides on October 17, 2023, 11:18 am

Dear Shareholders,

I want to express my appreciation for the numerous responses to my open letter. It is important to address some of your questions and provide clarification on certain matters. Additionally, I want to share a reflective email from a fellow shareholder, which accurately reflects the sentiments expressed by many others.

The prevailing sentiment among our shareholders is a demand for a shareholder meeting at which both current and former Directors would provide a comprehensive account of the company’s liabilities and expenditures. It has now been more than two weeks since my open letter, and the absence of a response (aside from the text below) is telling.

Language Warning

Regrettably, the only response I received to my open letter was the following text message:

This type of abusive behaviour, directed at employees and others, has been personally witnessed by me. Some of you have also reported being told that I and former staff are being blamed for the diabolical state of the company. This is a ludicrous proposition, but it aligns with a culture of blame-shifting and an absence of accountability. It is evident that we need to elevate the level of discourse and find a more constructive path forward.

One shareholder alerted me to the following report that details Tasa Iliopoulos as a “Person with significant control” having ownership and voting rights of 25 to 50% with respect to e-Mersion Media (UK) Limited  when all companies are supposed to be owned 100% by the e-Mersion holding company (that is, wholly owned by the shareholders) as detailed in the investor deck.

I have compiled a list of your demands so that these can be shared with the wider shareholder group and communicated directly to those responsible for the items below. 

Item	Responsibility (Note)
Shareholder meeting	John Iliopoulos   (If he refuses to call one then shareholder/s with 5% or more of the company can call a meeting)
Resignation of Board	John Iliopoulos
Removal of the Directors & appointment of new board	Shareholders can call a meeting to remove the directors
Provide complete financial records, including: Liabilities – detailing outstanding taxes, legal bills, consultant invoices etc. Total revenue generated all on client contracts Costs and Revenues associated with each commercial contract/client Bonuses issued to Directors since company inception Director loans – provide bank statements evidencing cash deposits of all Director loans, including those of family members and associated entities	Prepared by the company accountant – David Jaffe, Jaffe Lee & Associates – to include both Australian and UK companies               (cash payments against manual journal entries are unacceptable)
Full account of all shares issued including: Share options and bonuses issued to Directors, and entities associated with the Directors and/or family members Shares issued to Perpetual Nominees Shares held by Perpetual Nominees, the Directors and/or related entities (e.g. Sir James Pty Ltd) that have been sold/traded	Peter Stern   (and it has been alleged that shares have been sold/transferred rather than capital raised going to the company)
Details of all litigation and actions against e-M and its Directors, including: Past and current proceedings Nature of action and outcome/s Account for all legal costs and who paid for them	This should distinguish between litigation against e-Mersion and litigation against the Directors personally   (fees associated with defending proceedings against the Directors personally should not be paid by e-Mersion)
Report Directors to the relevant authorities	Shareholders
Class Action against Company and Directors	Shareholders
Details of all commercial contracts and agreements and commercial terms negotiated	John & Chris Iliopoulos
e-Mersion not enter any new commercial contracts or agreements until after a shareholder meeting	John Iliopoulos

 

I want to clarify that I do not have the authority to call a shareholder meeting, as it requires an individual or a collective of shareholders with 5% or more ownership of the company to do so. Additionally, while I am prepared to attend such a meeting and vote accordingly, I will not participate in the future management of the company. It is worth noting that the then Chairman had many opportunities to call a shareholder meeting between March and June of this year, and chose not to, instead resigning (as one of two remaining Directors) handing effective control of the company to John.

As a relatively recent investor, I am dismayed that this conduct has gone unchecked for so long. With greater shareholder engagement and demands for even basic accountability and reporting, this crisis may have been averted, sparing recent investors from being entangled in this turmoil. Given what has been revealed about the management of e-M investor funds, and the manner in which my investment was solicited, I will be pursuing every avenue available to me to recover the money I am owed.