Shareholders should feel completely aggrieved by what has taken place. This is an absolute disgrace!
It is very clear what has happened here. If people cant see it for what it is, or through blind ignorance do not understand what has just transpired then I shake my head in disbelief.
I find the following statement to be an interesting insight into what is going on.
“Consistent with the Carnegie’s Board’s previous stated intention around Board renewal, John Davidson and Kieran O’Brien have resigned from the Board of Carnegie. Mr Davidson’s role as MD of EMC has also been made redundant and he will receive a statutory termination payment of $378,000. Separately he has entered into a voluntary escrow agreement for 12 months with Carnegie for the currently tradeable shares in CCE and his remaining shares will stay subject to the current escrow arrangements. The Tag shares Mr Davidson receives as a result of the in specie distribution under the proposed transaction will have the same escrow periods as his Carnegie shares.”
In my personal opinion it is quite clear what has happened.
The question now is who was accountable for setting the AUD14m price tag and who did the due diligence on EMC?
Questions now should also be being asked about what was sold to CCE? Was there complete transparency in the transaction?
CCE board members have a lot to answer for and it is in the interest of the public that these questions are addressed.
This is going to attract a lot of attention and I expect many investigative eyes will be looking very closely at this.
Many good people have lost a lot of money and a lot of taxpayer funding have gone through these doors. This is not over, in fact it’s just starting.
Follow the trail of money. It will all come out in the wash, but not before more blood has been spilt.
Mark my words and don’t say you weren’t warned.
CCE Price at posting:
2.2¢ Sentiment: Sell Disclosure: Held
