Good luck seeing anything come back to share holders cashew.The...

Good luck seeing anything come back to share holders cashew.

The whole set up with RND and TBR stinks to high heaven.

Just have a look at that deal the directors have done with one of their privately owned companies in Liberia. It is beyond a joke. Here is a quick summary from their last announcement about this so called iron ore project in Liberia (in the middle of the jungle about 70kms away from the nearest railway).

They have already effectively paid themselves via this related company over $3.5m for nothing tangible. The deal is with a director related company named Resources Capital Limited. Not only are they paying cash each year for basically nothing to date, they will pay the following if the deal proceeds to purchase:

8m Tribune shares (from RND's current holding of 11m).
+ issue 96m RND shares (currently RND have only 60.8m shares issued).
+ issue 96m options exercisable at 75c with expiry of 5 years.
+ 4 separate tranches of 72m shares and 36m options for each JORC inferred resource put on the books starting at 500m tonnes and progressing in 500m tonne increments.

Plus, the vast majority of shares in RND are already indirectly owned by the 3 directors. There would be very few free market shares up for grabs, so the liquidity is not even a trickle.

How companies like this are allowed to get away with what they do is beyond me??? Where is the arms length principle in this deal? Sure they need share holder approval, but what a joke when the directors already own about 95% of the votes.

The same/similar nonsense goes on with TBR as well.