Investor Update, page-269

OK and this is the kind of discussion that I'm interested in having.

loaned their shares in order to support the capital raising that the shareholders would not. Didn't they take up the shortfall?

Yes, OK as far as it goes. But look further back. Because shareholders were exhausted at that point. What drove that?
Incompetence? Over reach? That is one of the best-case scenarios.

Either way Geoff Cumming was at the helm and Richard Martin had the purse strings a that time.

Massive dilution was the outcome with those two deeply involved. Plus RM has very close ties with FC. Did they blunder around and then wait for a situation that meant FC was apparently, saviour?

It beggars belief that nobody is interested in these questions.

Surely if the FC shares lent earlier and involved massive shorting, THIS suppressed the SP. And meant that massive share issues were needed at a LOW SP. Ordinary shareholders were exhausted at this point. Timing is everything here.

Why did it take our heroes over a year to source funding, presumably spending a lot of cash in the process, and THEN fail?

Why did Bergen suddenly change tack on the lending at the governance stage? Surely something is worth looking at here. Surely asking questions is the intelligent and objective thing to do.

Shutting down and making assumptions to my way of thinking is being part of a herd.

My point is that it's entirely possible to create a situation where the rescuers are part of the problem. It's like lighting a fire and then being the hero to help put it out. It's like having the fox in charge of the chickenhouse. These questions are within the range of reasonable discussion.

Anything remotely critical of members of the Board past and present sends them into overdrive. The pathological need to shut dissidents like me down, is symptomatic of real fear.

I've seen confident Boards with nothing to hide, not even bothering with HC and what's been said about them. Could not give a toss. Even though ostensibly, they've been defamed all over the place! They know it's not true and they aren't as vulnerable because they have instos who understand the situation AND/OR they're confident. It all depends on the circumstances.*

The fact that people are convinced that First Cape are saviours without really critically examining ALL the possibilities is dangerous.

It's important because the past has defined the desperation of this company. I want to fully understand who or what has been driving that.

You can make intelligent guesses and FC are not beyond suspicion. They're not going to get hero status with me unless and until I'm convinced they weren't part of the problem.

*Since this has been pointed out, including the absurdity and impossibility of anyone managing to defame when they're being ignored by the crowd is funny. so the bovver boys have realised what goats this makes of them, so they've stopped. D'oh!! It's funny!