I agree
bchto10k, there's absolutely no benefit to the IGE Directors in any of this. To assume they have intentionally misled the market with the ADIA statement is quite frankly absurd, to achieve what? To achieve a financial benefit would only be in selling their shares. They would then have to lodge a disclosure to ASX/market of their share sales. At that point it becomes a clear cut criminal case that would be sent to court with a max penalty of 5 years gaol/ or max $35k fine. The beak would send them to gaol they would have absolutely no defense in the case.
Under Australian company law EACH AND EVERY Director is equally responsible for the company liability and legal responsibilities.
Thats: Paul Dickson – Executive Chairman/ David McIntosh – Non-Executive Director/ Mr Kilroy Genia – Non-Executive Director/ Stuart Clark – Managing Director/ Bevan Dooley – Chief Technical Director...
Further, IGE are imo under no obligation to disclose the first source of the funds, given that the deal apparently is between IGE and GEP/ Tangier. Tangier is US based and where they source the funds is their business. The ASX has no legal right to demand to know where the funds are coming from to Tangier.
So IGE is entitled to claim the funds are secured by GEP/Tangier and end there.
Given that they have also disclosed some of the terms/ seat on the board/3.5% interest/repayment there must have been negotiation and either a heads of agreement or a contract we would hope. IGE will need to clarify this.
It would appear to me that IGE released the Jan 15 statement naming ADIA in relation to the selling on ASX which started on Jan2/3 2020. To give the market confidence. It had the opposite effect. It's important to note the timeline:
Dec 31 2019 : funding announce but no mention of ADIA
Jan 15 : IGE names ADIA as source
Jan 17 : IGE corrects the ADIA story
So effectively IGE has responded within 2 days to clarify. Note that on January 15 the sp had already sold down to 20c.
So from naming ADIA to close of sales to Jan 17 the sp dropped approx 35%, the bulk of the drop occurred BEFORE the ADIA announcement.
Why in gods name they nominated ADIA at all is a mystery. They must have been fed the info from GEP. I would assume GEP got it from Tangier. Why Tangier would nominate ADIA, when such a story was bound to denied by ADIA ...well what can you say?
My only theory is that Tangier has the funds from an unusual source and doesn't want to name them. Bear in mind "waste management" in the USA is mostly controlled by unusual "organisations".
https://people.howstuffworks.com/10-businesses-supposedly-controlled-by-the-mafia1.htmMeanwhile IGE continues to claim the the funding is secured and money will transfer in January.
Does it really matter to IGE shareholders where the funds come from, as long as it comes?
IGE imo will call a trading halt before trading Monday. If they don't ASX will suspend imo.
We then await for the money to hit the account in January as promised. All will be revealed by February.
But as sure as eggs we won't be trading this stock come Monday.
