some serious questions and concerns!, page-5

Thanks for your input newbie thomas.

I think with the way things are going right now, i wont be surprised if they do manage to get the 75% support.

I pulled some entries from the top 20, and we do have a few chinese investors in that list right on the top:

Perfect Nation Global Limited [115,200,000] 17.337%
Great Tang Brothers Resource Investment Pty Ltd [78,200,000] 11.769%
Tulla Resources Group Pty Ltd [28,200,000] 4.244%
Tulla Resources Group Pty Limited [22,103,933] 3.327%
H V R Pty Ltd 11,000,000 1.655%
Global House Limited [9,900,000] 1.490%
Mr Guo Tang [7,576,000] 1.140%
THTF Australia Mining Pty Ltd [7,576,000] 1.140%
Purcell Gold Mining Limited [5,400,000] 0.813%
Mr Ralph Tonkin [3,000,000] 0.451%

Now that the management is injecting more than 200 million shares, it is anybodys guess what the next round of percentage voting power will be. Also if you read the rights issue in detail, you will find some surprise entries who are also sub underwriting the rights issue. Especially for someone who never put the money where his mouth is, suddenly decides to put in a lot of money for the rights issue. This is what concerns me, why this desperate push.. why so sudden?

And if these people are removed from their positions, they can vote independantly!!!

We can only see people who hold shares in the top 20 and that will change big time once the rights issue is over but we cannot see how many people(who 'may' support this move) hold small parcels of shares and are also affiliated with the Top 20 holders or the management. No one can say that for sure at the moment.

Secondly, you are correct that we can only view what has been informed to the market in terms of cash position, summary of expenses etc. But remember, if the director or the management has misled the shareholders and the market and there is a legal case against them, then it is a different story. I am not sure if you have seen what is going on in NSW where the ICAC are involved. This just shows that even if anyone tries to run and hide, if there is enough evidence to take any company or management through legal channels, then the books have to open eventually.

Corporate governance, ethics, moral obligations etc will be the buzz words at that time. Perhaps time for some people to do a wiki search to find out what it means!