“When ASIC demand that Rand dispose of it's Tribune shares Billis tries to funnel them off to Resource Capital.......another company he happens to fully own”
I can’t see anything in that announcement that says Mr Billis “fully owns” Resource Capital. All that has been disclosed is that he is a director from what I have read.
Tribune’s increased voting power in Rand happened earlier than the Option Agreemnent over the iron ore property.
You would have made a very good Spanish inquisitor with your ability to be judged, jury and executioner.
The Tapeta option covered a significant mountain range of iron formations which are the southern extension of the Nimba mountain range which at the time was being restarted by ArcelorMittal, the biggest intergrated iron ore miner and steel maker in the world. The railway line that was being refurbished and also touted as the potential location of a bigger rail corridor for the ore proposed to be mined from the largest iron ore deposit in Africa (at Simandou) ran very close to the property. This corridor plus port had the potential to be the new iron ore hub to rival that located in the northwest of WA, also with the port of Buchanan being very close to the steel markets of Europe and the eastern seaboard of the USA. The property had significant potential to host billion tonne deposits of iron and all this happened while iron ore prices were booming and IMO it was a totally legitimate and potentially highly valuable commercial transaction for the benefit of the shareholders of Rand.
You will never believe this and I’m never going to convince you and I’m frankly sick of trying.
You are as greedy as the blow-in you support. I wish you both well in your attempt to destroy what has been built here with blood sweat and tears, but if you succeed it will be a very sad and depressing day for me even if I gain some short term benefit from it, as it will mark the day that the establishment can take the hard works of others right out from under their noses with impunity. Time to start thinking about moving assets overseas where the government can’t come and seize them on a whim.
What needs to be investigated here is ASIC and ASX. How did they allow the cross-holding to continue for near on 8 years after they denied Tribune an extension of time to rectify the structure. This is something that needs to be addressed at governmental level. If ASIC has no power to enforce the law they should have been asking for the law to be changed, as what is the point of having an unenforcable law? If ASIC did have the power to enforce the law then why didn’t they enforce the law 8 years ago when they knew Tribune was in breach? Or does the law have to wait for a shareholder to come along and ask for the law to be enforced? If so this is a completely inadequate system as it does nothing to protect shareholders in the face of a breach that is in plain view, known to ASIC, and right under its nose.
If I end up getting damaged somehow out of all this I’m going to go with this to the federal Minister and ask what he is doing about it. Looks like a case for dismantling ASIC altogether and starting again, especially in light of what the banks have managed to get away with and the day to manipulation we see on the markets. Esh
TBR Price at posting:
$6.70 Sentiment: Hold Disclosure: Held
