Thanks Towie. I thought that I'd already said enough. ALL of those things happened during this management's charge and ALL former Renison shareholders and now nearly all exclusive LNY shareholders have seen their investments being either totally, or, significantly, diminished, while those responsible still retain majority equity in a $600 million gold mine, which, we shouldn't forget, is only 10% of the entire project.
16 September 2008.
TOM’S GULLY GOLD MINE SALE UPDATE The Directors of Renison Consolidated Mines NL (Renison or the Company) advise that Voluntary Administrators have been appointed to GBS Gold (Australia) Pty Ltd and its subsidiaries (GBS Group) which include companies that were parties to the sale and purchase agreement for the Tom’s Gully Gold Mine.The Administrators have not been appointed to TSX listed GBS Gold International Inc (GBS Inc) , which remains under the control and authority of its Board of Directors. Renison has minimum outstanding payments of $18 million owed to it by the GBS Group from the Tom’s Gully Mine Sale agreements that were entered into in July 2007. These amounts were payable over the next twelve months. Renison had already received net proceeds of approximately $12 million from the sale of GBS Inc shares previously issued to it as part of the sale proceeds and is currently holding approximately 6.1 million GBS Inc shares. GBS Inc have advised that the Administrators are continuing to conduct the businesses of the GBS Group on the basis of “business as usual” whilst a review of the GBS Group’s operations is completed and restructuring alternatives explored. The Company will liaise with the Administrators of the GBS Group to assess the future recoverability of the amounts owing to Renison and will provide further advice to shareholders in due course. For and on behalf of the Board
16 September 2008.
For and on behalf of the Board Paul Marshall - Company Secretary
They got nothing!!
Recognize the names!!!
DIRECTORS & KEY MANAGEMENT Stephen Bizzell - Chairman Rick Anthon - Non-Executive Director David Vincent - Non-Executive Director Kevin Grice - Chief Financial Officer & Acting Chief Executive Officer Paul Marshall - Company Secretary Scott Hall - Exploration Manager
LNY Price at posting:
0.3¢ Sentiment: None Disclosure: Held
