copy of ASIC letter I have sent plus I see a miracle and a sale went through
I currently hold shares in a listed Company called Golden gate petroleum ( GGP ) which over the last few years has raised or borrowed close to $100 million dollars for oil exploration. Based on the Financial reports for the last 9 months at least the Company has been trading whilst insolvent. This is in breach of your commercial laws and the Directors & CEO should be put on notice. The general public are still buying shares in this group and with no hope of recovering their funds so some action needs to be taken by yourselves.
It is noted the previous CEO/Director has stood down but is now a consultant so still getting the publics hard earned money. A lesson needs to be shown in this case + b doing so will show the Public that there is some protection for them in that Companies are operating within the law with full disclosure and financially secure ie at least not insolvent. A previous Director was charging large sums to the Company but no factual breakdowns for these payments have been made to at least confirm the payments were at least on a commercial nature & amount and not just some padded figures.
Such actions cannot be allowed and needs cleaning up as you are the only ones that can protect the general Public who purchase shares.
Regards
GGP Price at posting:
2.5¢ Sentiment: None Disclosure: Held
