Australia's largest stock trading and investment forum Australia's #1 stock forum

MED

0.00%

0.6¢ merlin diamonds limited

Fake News MMGA, page-9

First 9 Last

Share
Profile

Follow
Cridz

993 Posts.

268

26/02/19

11:50

Post #: 37569764
Share

Originally posted by kpt3891: ↑

It's not what I would call "fake news", however "old news". The loan has been classified as such since 2012. If Gutnick and Co wanted to hide it plenty of accounting tricks to do so and expense it in each year. But no this loan and associated disclosures have been in every annual report since loan conception. I am not saying it is pleasing to see shareholders funds loaned in this way with such poor controls, however it is certainly not unlawful.

How many companies loan directors money to buy shares, waste significant amounts on company travel/entertainment and bogus expenses through payroll, all out of sight??

I agree I think Gutnick is well familiar with the "laws" and any ASIC inquiry will be yet another toothless attempt. After all Gutnick says in the Age article he has had ASIC look at transactions for 20 years, and what has been the result.... slap on wrist... nothing more.

Now the typical media sensationalise it and bring out old wood employees from years ago and bogus contractor claims who have only ever been at the site for 2-3 months.

While non holders and those who delight watching in schadenfreude are licking their lips at the sight of blood, Gutnick could actually use this opportunity to outline a new phase of production and create confidence with a new board and tighter corporate governance. The diamonds are there, the equipment is there, we just need execution and the company needs to be run for shareholders not a private Gutnick family pawn.

Expand

Was going to leave this thread to the fanboy's. Seems everyone from nasty ASX to bogus contractors and those evil employees (how dare they expect to be paid) are to blame for nearly 10 years of share price decline and dilution, now if this all happened and they had a working profitable mine all good. No current mine, no current plan, very little diamond sales, apparently no new equipment NOT FAKE NEWS!
Finally I don't enjoy watching the misfortune of those contractors, workers and shareholders.

MED Price at posting: 0.6¢ Sentiment: None Disclosure: Not Held
2 Upvote

1 Great analysis

Reply

Top Stories

Talking the US election, the spectre of Trump and what's hot on the ASX200: Wealth Within

WC8

Leia pegmatite pulls up recoveries of 84% lithium for Wildcat in WA

IVR

Investigator Resources hits 8m @ 1.06% copper on-site Stuart Shelf JV project acreage

BYH

Bryah gains $408K government rebate for work on copper target Narracoota

AI stocks: What to expect in 2024-25