You would have been forgiven for thinking that after the last quarterly, which talked of discovering easy to get high grade gold that could be wheel-barrowed to the surface, that directors had decided to use this new found wealth to finance further exploration and eventual big-time mining. I even had the fanciful idea that the over paid might redeem themselves and actually go to PNG to guard shareholder's gold and help get it to the surface as quickly as possible _ talk about dreaming. Instead directors Starr & Co are back on familiar ground, printing paper, this time a 1-for-4 rights issue, at a rate which would make even the great money-printer Ben Bernanke blush, and in so doing diluting shareholder value to almost zero. Of course this new found cash means many more corporate lunches at Sydney's best watering holes and yet more time to think up ever more devious schemes to impoverish shareholder's wealth.
CGN Price at posting:
8.4¢ Sentiment: None Disclosure: Held
