Ann: Quarterly Activities Report, page-27

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dugsab

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02/05/18

13:45

Post #: 32828914
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Originally posted by gassed ↑

Thanks Dugsab, although I do think that that is a rose coloured glasses interpretation of the state of affairs of this company so far as the interests of the ordinary shareholders is concerned and isn't that supposed to be the primary objective of all companies listed on the ASX?

The very survival of this company is totally and absolutely at the whim of one person, the CEO, who could pull that loan facility at any time and shareholders would have no recourse because they had been "warned" for many months/years yet were prepared to stay on as shareholders.
Again, in saying that, I can't see that happening, but, shareholders are being treated as fools and with contempt in the meantime, as they have been continuously for several years. Management has proven that they couldn't give a stuff about us ordinary shareholders who effectively have no say because of the far superior position that the major shareholders and the CEO have over them.
Pointless nit picking their reports except, maybe, compliance with then ASX Rules of continuous disclosure, which Cudeco1 is kindly addressing re the drill results.

So, again, shareholders have absolutely no idea what the status of their company is. Not good enough.

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gassed,

The Chairman (not CEO), will not be pulling that loan facility. Not while he has $19mil invested @ an average buy-in of circa 0.018 (1.8cents).

Furthermore, a take-over (by converting a debt owed to the Bizzell related entities to equity), is highly unlikely given the ASIC and The Takeover Panel's outcome to a $22.2mil rights issue in July 2013.

All the best,

LNY Price at posting: 0.3¢ Sentiment: Buy Disclosure: Held
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Ann: Quarterly Activities Report, page-27

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