It may be a lack of knowledge on my behalf but.....
Just from the IPO listing and the first year of operating (all in 2008) I have genuine concerns on a couple of items namely:
King being issued 6M shares
@10c for the sale of EP425 by Lodestar (King) - why?? In the announcements released from European Gas they owned both EP425 and EP447 but further to that, the value of EP425 was placed at $5M in the annual financials. I don't care who you are, if you own something that is worth $5M would you accept $600k for it (as that is the amount value of shares King received)
King subscribing to $2.5M worth of shares (12.5M) in GPP's IPO but only after being satisfied that $2.5M worth of shares in Astron (King a director since 1985) were transferred????
Flavelle subscribing for 1,860,160 shares @20c ($375,032) after being satisfied by the transfer of $375,032 of shares in European Gas (Flavelle a director)
I will say, tip of the iceberg to what I have some concerns with though, it gets more interesting as the years go by......... all to come
Saying all this, I would really like GPP to actually hit the motherlode - it won't change my opinion on management but at least there will be some relief and get out options for share holders trapped with higher average buy in prices. I honestly believe
@The Stig that GPP management have very little input to what happens on the ground in Morabisi and all the calls are solely on the say so of GSM, who in turn will release what they want when they want, a prime example was in the reply from Matt to
@Zammita re:
Hi ??????
GPP plans to have regular updates on the Turesi ridge program and
has been
discussing this with its partner GSM.
Regards Matt
GSM (who ever they are) have no obligations to the ASX and listing rules, GPP should be telling them they want regular updates!!
Or from almost 9 months ago, a fluffy reply from Matt..... has anything improved?? Post
25872279
For those that think that management are doing a great job, and what happened in the past doesn't reflect on what will happen in the future, think leopard and spots......
all the above is IMO only
cheers
