There is a large block of shares held by two Singapore companies. If they agree to sell out to the mainland Chinese then its all over for us. The Chinese will probably do a side deal with the Singapore mob officially paying them say $2.50/share and offer the same amount to all shareholders, but unofficially pay the Singapore groups an extra amount of up to $1.00/share which will never get disclosed. We small shareholders will get shafted and there is nothing our lazy government will do about taking action to protect Australians.
I was hoping to ride WGX to well over $3.00/share as the AUD POG rises due to both a higher USD gold price and lower AUD.
If the t/o happens it will be a very sad day, especially as higher grade ore likely to be found could make WGX an extremely valuable company.
The worst thing that could happen is for them to gain control of WGX and then white-ant the company like they did with NGF so that ultimately minority shareholders get gutted and sell out to them for no gain. I am an ex-NGF shareholder and got out shortly before they took control.
loki
WGX Price at posting:
$1.96 Sentiment: None Disclosure: Held
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