Thanks for that eyes opening post kelsie. Much appreciated. It...

Thanks for that eyes opening post kelsie. Much appreciated.

It really makes some very interesting reading, that's for sure.

As previously anticipated, it is a real mess. As to how all of that was allowed to happen under the control of our well paid Management and Board, well, that is totally beyond me and beliefs. I only hope that, if there are any evidence of wrong doings, someone will be held accountable in the Courts.

As for any of us small fish swimming in the big pond, I don't hold much hope. Not because GNR will not try their best of getting us and PLV out of this mess and back to trading, but by the large amount of dilution that we have had to suffer. Nevertheless, if we will end up gaining anything from it, anything is better than nothing.

There are some interesting parts in that post which I copied and pasted below, because, IMHO, I find them very important to discuss.



"""Within months of the Timeone deal falling over, Pluton had agreed to a new deal with Ms Wang’s Wise Energy. Wise, a Hong Kong-registered company that records show has a total issued capital of $HK1 (16c), had secured a deal that would see Pluton collect about $32.2m in funding as part of an offtake agreement with an arm of Rizhao. In return for introducing Pluton to Rizhao, Wise would pick up a 50 per cent stake in Cockatoo Island as well as a 3 per cent marketing fee on some shipments from the mine.
Without putting in any of its own money, Wise emerged with a major stake in an iron ore mine on the cusp of tapping the unprecedented boom in iron ore prices by virtue of its ability to secure funding from Rizhao."""



Not bad for a HK$1 company, is it. And all of that (A 50% stake in a mining operation of Cockatoo), just for the introduction of a third party to supply funds to us in exchange an offtake agreement, .......at a discount of course.

Have I got that right.??? DEAR OH ME!!!!

Now what were our Directors thinking at the time.???

And how are we supposed to be recovering any money owed to us by Wise which is just a HK$1 company.??




"""It was, Mr Goel said, “a hefty clip of the ticket”."""


There is no two ways about it that it was.

As previously said, what were our Management and Board thinking at the time.??




"""Documents released at the time showed a connection between Wise and Rizhao — Ms Wang was the daughter of Jingbo Wang, a general manager within the state-owned entity.

Since the collapse of Pluton, GNR learned that Jingbo Wang had stepped down from Rizhao and had been arrested in China. The company says it has confirmed his arrest from “high-ranking Chinese officials”.
Jingbo Wang’s departure may have been the catalyst for some of the events that led to Pluton’s downfall as Rizhao’s new management reviewed its finances.
When Rizhao tipped Pluton into administration, it claimed in court documents to be owed just under $US32.1m. That compares with the initial loan of $20m plus $US12.2m, and raises the question of what happened to the $9m worth of iron ore Pluton believed it had delivered into the Rizhao prepayment."""



Well, the plot thickens here. No two ways about it.

Father and daughter relations here too where it appears that the father was later arrested from "some high raking Chinese Officials".

And especially where it also states that it raised the question as to what happened to the $9 million dollars worth of iron ore ""PLUTON BELIEVED" it delivered into the Rizhao prepayments.




""“Even in today’s market where everybody, even the big guys, are shutting down or cutting production, Pluton is one of those few projects that even in today’s iron ore price scenario can make a profit,” Mr Goel said.
“The one and only reason for that is the logistics, we’ve always loved the logistical solution. And having a big exposure in China, we know that this material is very widely acceptable. That’s been the major drive for us and we’ve kept on investing.”""


Well, some good news there for us. The mine might be worth something in the end. Especially if the prices of Iron ore will be heading back to some previous heights.

Will we then be ever allowed to restart trading once again.?? That is the $64k dollars question.




"""***For Wise, the circumstances and outcome of the Silver Fir transaction reflects poorly on the management of Pluton prior to its receivership, and raises questions about whether there were any discrepancies with other Pluton shipments. Wise argues it was kept in the dark about the performance of the joint venture. “The lack of transparency and the corporate governance was very bad,” said a Wise representative, who did not want to be named.
“We don’t have all the evidence yet, but we’re investigating the conduct of Pluton in managing the joint venture.”***"""


Dear oh me, everyone is blaming someone else now, while pointing the finger at each other.

Now it appears that even Wise is investigating Pluton in managing the Joint Venture.

So everyone is investigating everyone. And that, unless I have got it all wrong, it will include the Pluton Management and Directors.

One thing is for sure here though. And that is that the Lawyers, and Investigators, along with the Receiver Manager, will have a field day here, and rubbing their hands I glee, for many many months to come, AT HUGE COSTS to someone else.

Well at least I would hope that whatever will come out from all this, will be brought out into the open so that we will all know what has happened to get us into this disastrous mess, and not pushed under the carpet.




"""***The group also disputes arguments that it hasn’t covered its share of operating costs at Cockatoo Island, saying it has not been issued with any cash calls or approved budgets.
While GNR alleges that Wise owes the joint venture millions of dollars in unpaid operating cost contributions, Wise believes it is in fact owed money by Pluton.
“Pluton still owe us money, $7.9m, being funds provided by Wise to Pluton for JV operations. The $7.9m hasn’t been repaid to Wise,” the representative said.***"""


Now, are they (WISE) correct in saying that they have never been issued with any cash calls or approved budget.??

Is that the case.?? And if so, why was that allowed to drag on until it got to a head.???

And, if they (WISE) were never been issued a cash call, what was our Management and Board thinking about at the time.??


What was our CFO thinking about at the time, if no cash calls were made to Wise.??

What were they doing when they were constantly keeping up with costs, and when the JV partner wasn't coming up with their share of these costs.???

And then they are saying that we still owe them money to the amount of $7.9 million dollars mind you.??

Dear oh me. What next!!!

And what about the money from Silver fir.?? Where did it go.??

As I stated some time ago, this is getting better and more interesting and involved than the days of our lives story.

If it ever will get to an end, we might get to know who was the inventor, and the writer, all this long sad and sorry story.


Good luck to all.