re: Ann: NGF: Takeover Offer for Kalgoorlie M... I can't believe...

re: Ann: NGF: Takeover Offer for Kalgoorlie M... I can't believe how much money the former directors of NGF were paying themselves, and stripping from that company. Check out the 2012 finance reports.

And those directors were all Australians and white South Africans, not Chinese.

Their salaries and benefits were greater than the equivalent directors in BHP and RIO. They were stripping the shareholders of all their investment money. No wonder the company sank like a stone.

Any intelligent investor in ASX listed resource companies, should make a list of those names (ie. the names of the former Australian directors of Norton Gold), and not invest in any company those directors are controlling or now involved with.

Take my advice, keep a director black list.

It is simple enough to find out what companies they may now be involved with, go to the advanced search page of the ASX web site and type in their name.

The current Chinese MD is paid only one-quarter of the former Australian MD's salary.

I am not naive enough to think that he does not get other benefits via Hong Kong or Beijing, but at least they are not so blatant, and as long as they do not affect the fiscal bottom-line of NGF, then I am not concerned what extra benefits Beijing may bestow on him.

All NGF shareholders should be happy to see the back of the previous board and directors.

NGF should be renamed, perhaps to indicate something lucky, since it was going down the gurgler until Zijin took it over.

I do have some sympathy with the other NGF shareholder comments though, the Chinese are less concerned with generating individual Mum and Dad shareholder wealth and returns, than with repatriating as much physical Gold as they can back to the Motherland.

Sometimes these companies themselves can simply be a front for the repatriation of physical resources, and nothing more. However, I hope Norton will turn out to be more than that, but just the same, I would be surprised to see NGF rise above 30 cents, even in a boom.

So what are you going to do then - go with the Western spruikers and algorithms and manipulators and cheats and ASX thieves, or with the Eastern physical resource repatriators? This has to be the ultimate Catch 22. Go with one and you lose. Go with the other, and you lose.

My advice then - buy property (the lesser of many evils) !!!

Because they are all going to cheat and swindle you, one way or the other.

Human nature never changes, throughout the ages.

Gw

I can calculate the motions of the heavenly bodies, but not the madness of people.
(Sir Isaac Newton)