Xinja has provided an update to shareholders on 30 April 2021
Xinja has posted a shareholding meeting notice for a name change on April 30, 2021 – nothing else to consider or discuss it appears!
Letter from Xinja to shareholders on 12 April 2021…
Xinja Bank Limited will be holding a General Meeting of shareholders on Friday, 30 April 2021 at 2:00pm (AEST) to put to shareholders a resolution to change the name of the company. To download and view the Notice of Meeting, please click here
Below are the details if you wish to vote and attend the meeting online or in person:
Password – the postcode registered to your holding if you are an Australian shareholder. Overseas shareholders should refer to the below user guide for their password details. Online registration will open 1 hour before the meeting is due to start.
To download a copy of the user guide, please see https://www.reportsonline.net.au/?documentid=028A44DD935D4FE2ABC759DB943DB03E.
The meeting will be held at the offices of Boardroom Pty Limited; Level 12, 225 George Street, Sydney NSW 2000 and will be broadcast online via Lumi AGM.
PROXY VOTING IS NOW OPEN. To vote online in relation to the following account, please follow the instructions below:
Xinja hands back our banking license!
1 March 2021
We were given the shocking news on Friday that the Australian Prudential Regulatory Authority had revoked Xinja’s banking license – the group’s major asset!
We are weighing up our options in relation to this revocation, as it was at the request of Xinja’s current management and board.
We are extremely disappointed that the revocation was prompted by the current management and board of Xinja, without any discussion allowed among the shareholders at our recent Extraordinary General Meeting.
We will keep you updated about our next steps very soon.
Congratulations Xinja Action Group members!
22 February 2021
Xinja Action Group is delighted to announce that after just five days we have amassed a group of more than 50 members – the majority of whom are based in Australia and represent 29 per cent of Xinja’s issued capital!
The response has been overwhelming from both large and small shareholders who want to fight to keep Xinja Bank and their investments alive.
The messages of support have been strong as we work to:
- Keep Xinja’s banking license
- Re-capitalise the company
- Refresh the management and board of the company with experienced people in the Australian financial services sector.
We are actively exploring our many legal options to achieve these goals and resist the current leaders’ attempts to railroad shareholders to agree to either wind-up the company or pivot to a “US share trading platform” – as was attempted earlier this week at the Extraordinary General Meeting.
We are still trying to get our many questions answered by Xinja’s current board and management, as we were not allowed to present our plan to other shareholders in the meeting.
The most immediate action is to retain the company’s banking license and not allow the company to hand it back.
By joining together we can effect change and seek to preserve your investment!
Xinja Shareholders Still in Dark After Meeting And Polls
18 February 2021
Xinja Action group is delighted to announce the name Xinja Bank will be retained following an attempt by the company’s management and board to dump it at the Extraordinary General Meeting on 17 February. Click here for the formal result.
The other two poll results (see below) were hardly surprising as no shareholder wants to vote to wind-up their investment, while the move to transition to a highly dubious pivot to a “US share trading platform” was presented as the only way out for shareholders, who now face losses of up to 99 per cent.
We are still left with unanswered questions and disappointment after the meeting. Most shareholders could not get the chance to discuss other options for the survival of Xinja Bank.
Keeping the company’s banking license should be the top priority as this is the main asset of the Xinja and we will be taking steps to stop management handing it back.
The XINJA Action Group, which has a growing number of over 50 members, led by Jade Minerals Investment and Mackeller Capital International, are looking at ways for XINJA Bank to continue its operations in the banking industry, with the banking license retained in the interim to support a future recapitalisation process where the current board and management team are replaced with industry-acknowledged experts in the finance and banking sector.
For shareholders who are interested in joining the XINJA ACTION GROUP, please contact us for updates here https://xinjaaction.com/contact/ .
Xinja Shareholders Appalled At Meeting
17 February 2021
Shareholders were left with unanswered questions and disappointment after today’s Extraordinary General Meeting.
The EGM was held virtually and Shareholders were not given a chance to speak and discuss XINJA Bank’s current situation. Instead, they were only allowed to post questions, only a few of which were selected and answered by CEO Eric Wilson and Chair of the Board, Lindley Edwards. Shareholders were not given a further chance to express their concerns and opinions to Xinja Bank’s responses to the questions raised.
Shareholders attending the EGM were told that the ADI is still held by XINJA Bank but the return of the license by the current Board of XINJA Bank is underway. It was indicated that Xinja Bank has received a formal instruction from APRA suggesting that the revocation of the ADI remains the only credible course of action.
It is confusing and a mystery to Shareholders as why XINJA Bank has to revoke the ADI whilst recapitalisation options are still available in the market. It is within the rights of the Shareholders to discover and understand the underlying reasons behind XINJA Bank terminating its digital banking journey, shortly after it raised a significant amount of funds during the March to November 2020 period.
The shareholders in the Xinja Action Group voted against the two options presented at the EGM in a “non-binding poll”– i.e. for Xinja Bank to wind-up the company, or re-launch as an online platform.
The XINJA Action Group, which has a growing number of over 40 members, led by Jade Minerals Investment and Mackeller Capital International, are looking at ways for XINJA Bank to continue its operations in the banking industry, with the ADI kept in the interim to support a future recapitalisation process where the current Board and management team are replaced with industry-acknowledged experts in the finance and banking sector.
For shareholders who are interested in joining the XINJA ACTION GROUP, please contact us by email https://xinjaaction.com/contact/
Xinja Action Group update
15 February 2021
As you may know by now, shareholders representing more than 20 per cent of Xinja’s issued capital, have joined together to lobby others to vote against two options to be presented to them at a meeting planned to be held at 10:00am Wednesday 17 February.
Xinja’s current management intends to present the options to shareholders at the meeting in a “non-binding poll”– wind-up the company and hand back its banking license or re-launch as an online platform.
However the company has told Xinja’s largest single shareholder, Jade Minerals Investments (16.5%) that it can not present a third option at the meeting and would prefer a private meeting.
We want Xinja to retain its banking license, launch a capital raising, and restructure of the current board and management with industry-recognized executives in the financial services sector.
We believe that if the bank is able to retain its license, be recapitalised and repositioned to allow greater opportunity for success, it will better preserve the value for shareholders and provide much needed competition in the banking sector, in the national interest.
There Are Other Options For Your To Recover Your Investment In Xinja
11 February 2021
We are a group of shareholders who represent more than 20% of the issued capital in Xinja.
Like you, we have lost a lot of money on this investment and wish to inform you about what is happening in Xinja and options we are putting forward to rescue the bank.
The current management and board of the company have asked you to vote on two options to be presented at a meeting planned to be held on February 17, 2021.
It is designed to be a “non-binding poll”– with the options being to wind-up the company and hand back its banking license or re-launch as an online platform.
We believe there is a third option that needs to be considered:
- Xinja should work hard to retain its banking license
- We are happy to participate in a capital raising to provide working capital for the bank
- The current board and management need to be refreshed with industry-recognized executives in the financial services sectors.
We believe that the bank can retain its license – as this is its major asset.
By retaining the license, Xinja will have a greater opportunity for success, preserving and then growing the value for shareholders.
We have already had fruitful discussions with a range of other and potential shareholders to inject new capital and provide a viable long-term strategy for Xinja.
We have communicated our concerns and proposal to Xinja’s current management and board and await their response.
In meantime do NOT vote on either option presented to you on February 17 as there is another way forward!
Feel free contact us with your message on the contact tab at the top of this site.