Update

I signed up to HotCopper specifically to let fellow shareholders know what's going on with ZYL Limited. It doesn't seem like the board want to tell us. I have spent 6 months tracking down their details and have managed to get in touch with 3 of them including our Chairman, Mr. Xie.

Firstly, it appears the current board are all working for free - and so they should be. This obviously tells us the company isn't getting a lot of dedicated attention hence why things have taken so long.

If you're not already aware, our previous management were negligent in several ways. Failing to pay payroll tax was a big one. When things got 'all too hard' they bailed and left us high and dry. The current board have come in to attempt to salvage what they can.

ZYL are in partnership with a South African company called Siyanda Resources for the Kangwane project. ZYL have a majority stake in this, with Siyanda having around 22% from my understanding. In order for this project to go anywhere we need to buy out their share so we can further develop alone. But Siyanda are asking for a huge figure which we simply can't afford. So I don't see this going anywhere. I emailed the chairman of Siyanda and I have not received a response. I would suggest you do the same.

I'm led to believe our board are actively searching for new projects. But I'm not sure what we can possibly offer to anyone.

So... I would like to be pleasantly surprised, but in all honesty I don't see anything positive coming out of this situation anytime soon, if at all.

If anyone is interested in discussing some form of class action in response to former management I think it would be worth seeking legal advice on what could potentially be achieved. I'm more interested in making sure these characters don't do the same thing to other investors again.