Firstly, 231 shareholders (holding 140+ million shares) supposedly "attended" this meeting and approved the Scheme. Then the truth .... all the above votes were "proxy" votes.
So, (just like their AGM's) nobody bothered to turn up. It appears not even the Board turned up...again! It is quite probable the meeting didn't even take place.
With everything that we now know about this Company, I suspect CXX was never destined to mine Niobium at all. I reckon it was set up to simply attract the required $$$ from Ozzie investors to shoulder ALL the risk, by funding the operations until such time as they had confirmed the niobium resource and had the offtakes and finance confirmed.
It has been suggested CXX could have run out of $$$ at critical times - hence why Tremont got involved as the 50/50 JV partner. On reflection, I'm not so sure. At that time, there were only a little over 100 million shares on issue. To me, the Board "gifted" Tremont both the wealth and control of CXX at that point.
IMVHO, they could have issued another 100 - 150 million shares to fund the USD$20m that Tremont brought to the table - which would have made a total of well under 300 million shares. To me, that is not a lot of shares for a Company that owned an opportunity that Panda Hill promises. I still would have invested even if there were 500 million shares on issue.
In summary, IMO, this was an exercise in making a small number of people one hell of a lot of money.
Lesson learnt!!
CXX Price at posting:
32.5¢ Sentiment: None Disclosure: Not Held
