Disclosure

I tried to write to the ASX along these lines. I suggest shareholders request this (from either ASX or GMC) as part of continuous disclosure

What information became known to Tanah Capital to make them not subscribe to the raising at effective price of $0.009?

It can be shown:
1. Sophisticated Investor Tanah Capital subscribed to the raising at a price of $0.005
2. Sophisticated Investor Tanah Capital did not subscribe to the Offer (at an effective price of $0.009) because of information available to them (that has not been disclosed by GMC).

As such, it can be proven that this information is materially sensitive to price or value of the securities of GMC (as they Tanah Capital do not see value at $0.009) because of the risks associated with the land lease agreement and the terms of the agency agreement with Afro Minerals Trading AG and the non-provision for “Letters of Credit” as required under Indonesian Law (the terms of  which have been disclosed or made public knowledge).

Furthermore, Tanah Capital remains a market participant in the trading of securities (as they are a substantial shareholder). As they have had access to detailed value sensitive information that has not been disclosed, Sophisticated Investors are in a position of advantage to the market participants that do not possess this information.

I believe it is the duty of the ASX to ensure that this information that is made public knowledge to restore balance and prevent market participants from investing on an uninformed basis to which a Sophisticated Investor with more information could exploit.