Excellent summary JRD and I agree with all your points but would like to add to points 6 , 8 and 11 :-
6 ) ASIC should go through the purchase and proposed sale of EMC with a fine tooth comb and focus on/audit MR Ottaviano and Mr Davidson to ascertain if there was any collusion or fraudulent activity. I do not subscribe to incompetence of any degree because they are not stupid people but if that was the case then the Board would also have to be considered incompetent and they should resign or be sacked like Mr Ottaviano. They cannot hide behind MO's execution. They owe it to all SH to disclose any wrong doing before they are forced to do so by Law Enforcement Agencies.
Also the watered down asset value of the Northam project from the initial 100% ownership , which was meant to be fully funded from a capital raising, should be investigated . The project was fully funded but it was reduced to 50% ownership but where did the cash go ??
Also it should be noted that when MO was doing his usual sales pitch to SH no mention was made then that they would borrow $7.5 mil in addition to the Capital Raising to fund the project .
Now IBA will acquire an additional stake in the project from CCE worth approx $2.5 mil but they have not disclosed the reason for the selloff and how much of the 50%asset will be sold for that amount
Additionally if this sale goes through CCE will have lost control of the project.
It looks like a quick fire sale or giveaway very much like the EMC debacle.
8) I feel the appointment of Mr Fievez as CEO is a stop gap measure . Whilst he may technologically savvy I do not accept Mr Stinson's statement that "Jonathan has a deep understanding of business". That does not cut it. Given that CCE's current predicament was mainly due to financial mismanagement the Board owes it to the SH to employ a proven successful CEO.
This is not a criticism of Mr Fievez's unproven business ability but CCE cannot afford to put a foot wrong from hereon.
11) I agree that life goes on and great to see the Eagles win the Premiership and good luck to all SH , BUT
given that SH have lost almost all of their investment in CCE under his stewardship I do not feel he deserves "good luck" best wishes.
Investigations by the Authorities on what has transpired in the latter life of CCE is a must and full disclosure to SH by the Board is also a must . Tinkering around the edges is a waste of time and money for all.
CCE Price at posting:
0.9¢ Sentiment: None Disclosure: Not Held
