The following letter has been forwarded to Mr. Clive Palmer, Palmer United Party,concerning the trading of CuDeco(CDU) Securities on the ASX:
"CuDeco(CDU) Limited – Share Trading.
Dear Mr. Palmer,
Firstly, congratulations on the formation of the Palmer United Party. I trust your new political party will meet with success in the forthcoming Federal elections.
I am making personal representations to you on the matter of the trading of Securities on the Australian Securities Exchange(ASX), with particular reference in relation to CuDeco(CDU) Limited.
As you are no doubt aware, CuDeco is a Junior Mining Company located in Cloncurry,Queensland. The mining tenement is called Rocklands and to date has over 1 million tonnes of mineralization, such as copper, gold and cobalt ready to be mined when all the plant is ready for commissioning later this year. When mining at Rocklands commences it will be a major copper producer for Australia.
Since the CuDeco Management started drilling at Rocklands in 2006, on most occasions when a good drilling announcement has been made by the Australian Securities Exchange(ASX) , the share price has been capped as a result of share churning by an unknown Group.
The Group are unknown as they operate in Nominee Accounts. They are very hard to trace here and in Overseas countries.
The situation took a turn for the worse on the 18th August, 2010, when the ASX announced to the market a resource for CuDeco recommended by the Joint Ore Reserves Committee(JORC). The resource came in way under expectations of practically all shareholders of CuDeco.
The CDU share price was ravaged that day falling from $4.79 at the end of the previous day of trading to a low of $2.25. The onslaught at the opening of trade on the 18th August, 2010, indicated, in my opinion, that a planned sell-off of CDU securities had been master-minded.
The results were disastrous for all those CDU investors who had purchased shares on Margin Call, Loans, etc.. Many hundreds of CDU investors suffered severe financial loss and stress because of the actions of the perpetrators of this action to pillage the CDU share price.
Ever since the 18th August, 2010, the CDU share price has been capped and the shares churned despite positive announcements to the ASX by the CuDeco Management.
As a result, a “CuDeco Shareholder Research” document has been developed by a CDU share holder. This document can be down-loaded on:-
http://www.......com/cudeco_research
Reports completed up to the present time reveal the need for a forensic examination of CDU securities traded on the ASX. Moreover, it has also been established that other companies in the ASX are experiencing similar circumstances.
The Regulator, the Australian Securities and Investments Commission(ASIC), have indicated that they do not have unlimited resources, and have not acted. It would appear surveillance techniques used are not able to detect some forms of manipulation evident in trading as revealed by the research in the “CuDeco Shareholde Research” document.
I have made representations to the Australian Securities and Investments Commission(ASIC), Federal Parliamentarians and Media Bodies for forensic investigations to be made but without success. This is despite the fact that all share market investors and Superannuation Fund Contributors throughout the country are involved and can incur heavy Financial losses.
It is incumbent that malpractice be eliminated from the share market.
It is with this thought in mind, perhaps you could put this item in your Election Platform, that is, a Public Enquiry or a Royal Commission be established, to look into the activities of the Australia Securities Exchange(ASX),using CuDeco(CDU) Limited as a Test Case.
Yours sincerely,
Maxw..."
Referred for the information of CDU shareholders concerned.
cheers,
Max
CDU Price at posting:
$1.81 Sentiment: Buy Disclosure: Held
