conversion or default, page-15

Is history set to repeat itself ???

www.miningbusiness.net

OCTAGONAL RESOURCES

CHAIRMAN BIDS TO PRIVATISE COMPANY.

Post date 20/10/2015

(Chairman Ian Gandel has offered Australian explorer Octagonal a way out of it's financial straitjacket, proposing a selective capital reduction that will cancel all shares other than those held by his Gandel Metals and associated companies

Gandel   has offered to fund a cash payment of $A0.0055 to shareholders, who would also receive 2-for-5 shares in A1 Consolidated Gold that are held by Octagonal. His group holds 41.12% of Octagonal shares and is owed $1.3M in loans due on Dec 1. )

Gandel is not chairman of CTL and only ownes about 17%  at the moment but if the millions of dollars of CTL debt held by Gandel and his associated companies (we CTL shareholders don't know the full details of the debt agreements so I'm just speculating here) were converted into CTL shares then Gandel could be in the position to privatise CTL, as other Hotcopper members have speculated.

It is the incompetent and derelict manner in which the CTL board and management have got us in this financial position. In debt to Gandel and other note holder's. They CTL Board and management did no credible drilling program or due diligence before beginning mining at Union Hill Gold Mine.
  Instead of paying off CTL's debt after the credit raising through the sale and dilution of more CTL shares they squandered millions and millions of dollars of shareholders money bringing CTL to the brink (was CTL trading while insolvent?)

With only two CTL Directors Rogers and Gray , neither of them independent with Gray being Gandel's representative. It makes me sick.

The conflicts of interest, lack of due diligence, dereliction of duty to shareholders how many laws or regulations have been broken?

And what is ASIC going to do about it?