Not a holder but I have an interest in Proto and found this story interesting. The following is pieced together entirely from publicly available ASX releases for anyone else wondering what this is all about.
On 12 April 2007 Proto announced they had "purchased a refurbished gravity gold plant", link: http://asx.com.au/asxpdf/20070412/pdf/311wv65l9j2ps6.pdf
Page 48 of the 2007 Annual Report says: "During the year the company paid a deposit of $290,000 to acquire a Gravity Gold Processing plant. The total contract price for purchase is $490,000, the balance of $200,000 being payable when the plant is ready for use. This acquisition is from a director-related entity, AuSIM Resources Pty Ltd, and, in accordance with ASX Listing Rules has been approved by shareholders in General Meeting on 23rd July 2007." link: http://asx.com.au/asxpdf/20071025/pdf/315c5l9bcqc5rm.pdf
Page 27 of the 2007 Annual Report describes AuSIM Resources as an "entity related to Mr Gilbert", being Simon Gilbert, a then director of Proto.
Page 32 of the 2008 Annual Report says: "During the year the company paid a further instalment of $100,000 in addition to the previous deposit of $290,000 to acquire a Gravity Gold Processing plant. The total contract price for the purchase is $490,000, the balance of $100,000 being payable when the plant is ready for use." link: http://asx.com.au/asxpdf/20081023/pdf/31d2ghbgy9qrrs.pdf
Page 30 of the 2009 Annual Report says: "The total contract price for the purchase of a Gravity Gold Processing plant is $490,000, the balance of $100,000 still owing at year end." link: http://asx.com.au/asxpdf/20091030/pdf/31lrdptbjsj1m2.pdf The 2009 Annual Report was released on 30th October 2009.
The director, Simon Gilbert, resigned in May 2009, and this was announced on the 12th of May 2009, link: http://asx.com.au/asxpdf/20090512/pdf/31hjtpzkc40v4k.pdf
I don't see any further references to either the plant, AuSIM or the remaining $100,000 outstanding balance in any of the publicly available documents after the 2009 Annual Report, but I have not read all of the later releases in full so these matters may be addressed somewhere. if this matter has been addressed by the company and someone could provide a reference I'm sure people would like to see it.
I am making no suggestions or implications as to what may have happened post-2009 in relation to this matter.
Regards
PRW Price at posting:
0.7¢ Sentiment: None Disclosure: Not Held
