When speaking with a director somemonths ago about
What are your thoughts regarding the regulatory obligation for directors to share any and all information with shareholders if they are aware of it ( re loan terms and debtors )
They merely laughed and threatened lawyers.
Stated that there are so many ways they can get out of that clause ... e.g. unless it would hinder the terms of a deal to reveal information or if it would cost too much to reveal information... ? How much would it cost ? 10 minutes of your time...at what $100k on hour ?
regarding directors obligation to always act in the best interest of shareholders ( re loaning out most of funds raised as unsecured loans with unknown terms ( which don't seem to ever be repaid )...... the response was that the loans were very advantagous to shareholders because of the high-yeild interest rates...in most circumstances being above the cash rate!!!.... never mind that we're not told when they'll be repaid
What we do have is a release note stating all loans would be recalled/repaid in Q1 of 2014.
So they have 2 weeks to get all the monies loaned back into the bank account...ha...yeah right...surely there must be an exemption that will absolve all responsibility
Why doesn't ASIC get involved???
The question would be more like Why would ASIC get involved
.... they dont care, they're not going to get any fines monies out of BKP becasue there is no money, all lost in a web - there's no pressure on them from fairfax to investigate.... and a few piddly million ...why would they even look at a complaint....?
Shell companies...what a joke...real wtf stuff
shifty finance guy stumbles across oil tenements in distress, buys for 10k and uses it as an excuse to get money from the market (3 times - always underwriting it themselves ...for a mere 100k or so each time...chump change) for O & G exploration but ends up funindg something entirely different ( quite possibly including hefty BKP holdings bought by CVS.... how could the monies used to buy these shares not have been BKP loans ? who knows...but seems doubtful they could have come from anywhere else )
Now finance guy reckons he's so lawyered up that he can take on an oil giant whilst siphoning off the cash ( though waits to receive a default notice from oil giant before acting...seriously ? )
If it were a movie you wouldn't bother watching the end because its such a pathetic story
Many a lesson learned by this ( me ) idiot watching these shonksters .........
Hindsight is a gret thing...if only it came a bit earlier
BKP Price at posting:
0.3¢ Sentiment: None Disclosure: Held
