back to 10 cents, page-7

Hi Curnamona,
I had 500,000 CEG prior to the last AGM and sold not long after for 11c

I spoke with CEO Roy Lavis after that meting and asked "How he could justify over $13,000 per week for being at the helm of a company that was doing so bad". His answer was "That is normal for a director of his standing"
I then asked "If you are such a good director why did you over leverage the company" His answer was "I didn't". I then replied with "Well I think you did and blind Freddy can see that is why we are in such dire straights at the moment" He came back with "well your wrong" turned his back to me and started talking to one of his Buddies.

I gave it some thought over the following week and decided to wholly exit on the grounds that the company was run as a dictatorship by an arrogant twit.

I still keep an eye on it as I have a good friend who is still in.

The recent preliminary released shows Total equity of $26.8m and I note $23m of that is deferred tax. I am also pretty sure there would be a big discrepancy in the book value of land held and the realistic sale price too.

I maybe wrong on this one but it would appear he has also syphoned the $7m he loaned to the company back out, probably the sale of PNQ or the recent land sale at Gordonvale.

Barge pole material in my opinion.