Bigroddy and Jamelash, there is no way out, if ALL current shareholders are treated equitably, than to have a capital re-structure. The present situation is ludicrous and something HAS to be done. None of us has ANY value in our holdings when there is no market to buy them.
From my experience, the ASX rules require re-structures to end up with 20 cent fully paid shares.
To retain our current Market Cap, at around $20 million, the current Issued Cap will need to be consolidated by 1:200, giving us an Issued Cap of 100 million shares @ 20 cents.
So, 1 million shares currently held will revert to 5,000, but, @ 20 cents each.
That would "technically" retain "current value" INITIALLY. But, we would also have to raise funds, so, company would also have to either announce a SPP, or, find some benefactor who will provide some type of loan facility to at least let us prove up a more than ONE BILLION DOLLAR ASSET in Agate Creek. That shouldn't take too much capital.
S. Bizzell has pulled off some incredible deals for his other shareholders and being a so called "finance whizz kid", with, surely, lots of happy financial supporters, wouldn't you think that this scenario would also be obvious to him? With Gold rapidly aiming at $1,800 plus per oz, once the drilling re-commences in Agate Creek and probably in Eastern Sydney, not counting the huge potential in NZ, the real value of our shares should IMO quickly return to pre- "disaster" days. But, why isn't management talking to us???
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