I agree with all the comments here but to be honest, we wont achieve anything if we limit ourselves to talking here and no more.
Even by going to the EGM and venting our spleen we wont achieve anything except perhaps make those at the front table feel embarrassed for an hour or so. To be frank GT prolly knows how much money he can make out of this swindle and has probably costed the embarrasment into it but to create the embarrassement is reason enough alone in my mind to make a point of getting to the EGM if you possibly can.
More importantly though - if you have reservations that we are being asked to vote on something WITHOUT the same level of info as those who have stumped up the cash ie. GT and HNC - then we do need to try to do something about it.
They have clearly made thier decision with more info than that provided in the "independent report" - crikey - HNC are fundign the feasbility study for sulphides - I bet ya if you try to ring the company doing it and ask anything you will get no where - but if they or GT talk to them they will hear all they need to know. As said - HNC are stumping up cash - they wouldnt do that unless they have a good idea of the findings of the study aready - and it was supposed to be largely complete by end December if I recall right. Crikey they had a tonne of dirt airfreigted to Bejing metals institute to give their blokes at go at finding the optimum extraction method ...my take on that comment was not th complexity of metalurgy some have raised here but rather the idea is to get the most out possible - they would have a good idea where that is up to but we dont.....and GT would know too!!!!!!!!!! But we dont. We can only assume and judge by what they are doing with their money. There is probably something in the assertion that the FIRB would say not to a full takeover so they are stuck having to support the cock ups and make the most of it by stumping up cash to keep it going and GT knows it too so is setting himself up pretty putting himself stratergically in the middle with us on one side scared poopless that the comany might fold and them on the other side unable to take over coz of FIRB rules
The number of share I hold atm is miniscule compared to what I held previously and have in my mind written those sold off as a loss. I still hold a smallish number ocmpared to what I had and continue trading the stock.
I am unwilling to put large money into the stock with the current level of disclosure but will by on techincals on the assumption that others know more than me and would take a rights issue IF I got the same info as GT and HNC WHEN THEY DECIDED TO COUGH UP and I am sure they had access to more info than that presented to us in the notes for the EGM.
I have no doubt the vote will be carried because in the end the majority will quite reasonably not want to see the company fold due to a debt burden - and I agree with the comment made here that the perception of fall over may have been manufactured
Personally, coz I have written the lost money off in my mind I dont care if it goes under - but will nevertheless vote for the motion as it stands at present because I know some who had significant portions of their life savinfs in CMR - I know one who hocked his house on it despite me expressing concern at him doing so at the price it was. So for them - I will vote yes - because while I suspect the current predicament has at least in part been manufactured - the risk of being wrong for them is too great and for no other reason than that I would not be a party to stripping them of any chance to recover the paper loss they are sitting on.
Having said that - I fully agree we are not being given the same level of information as GT and HNC have access to in making the decision to stump up the cash and take scrip in place of it.
The ducks guts of the feasability study was supposed to be completed around end of December if I recall right - but I been at the pub so not in the mood to search thr and check -
HNC are funding that sulphides study so as said you cant tell me they have no idea if it is adding up and going to be a goer or not. And if they know, then you can bet your goolies that GT knows also - and for mine, where they are putting their money tells us its a goer
YES - we are being hoodwinked. We are being taken for a ride - being made to crap our daks when they released the costing estimates in August that crashed the share price - as 50 says - it seems in retrospect almost planed to do what it did-
Even a mate at the pub saw it as a set up when I saw him the night it was released - however we wrongly thought it was setting us up to be crushed and ripe for takeover at a predetermined price - now it looks like we were instead being set up for what is now hppening
it was scary - it was confusing - it painted a bleak picture - looking at the numbers the company could very well gone down the gurgler and there were plenty coming back to this thread day after day telling us so and giving heaps of numbers to prove it
That release saw the SP crash - not the cost of sulphiric acid not the metalurgy etc but the cost study and for all its scariness IT REMAINS TO BE UPDATED. The numbers shown in that studydraw into question the viability of the project but despite not being updated GT is stumping up 37 million aud of what we can only assume to be his own money eventhough the last cost study that crashed the SP and made us all poo our pants is the latest update we have had!
Oh thats right we did get a one liner recently saying the drop in commoditiy prices somehow makes the balance sheet look better as it will lower our costs - ok he forked out $37million on that - NOT
With this in mind I intend over the weekend writing a formal complaint to ASIC - not ASX - (asx dont give a damned about anyting except turnover)so I urge others to do similar
In the complaint my intention will be to try to show how I am being asked as a shareholder to ratify a decision by the board when I don't have the same level of information that the board had when they decided to put the motion to a meeting of shareholders. Therefore I am being asked to give consent to something but I only have one source of information about the matter (the supposed independent report) informed consent - if
try to address these issues
- Try to show how HNC and GT must have more info than you - That they must have used that info when making the decision to put money up. - You are now being asked to ratify that decision but while you have been provided an "independent report" you are not privvy to the same info they have so cant make an informed decision
- Show them how by addressing this issue they can make for a better regulated and better informed market in the future (because that is a core role they have)
- If you have the training or knowledge to identify any law that may be broken in this process by all means raise it but dont try to be a bush lawyer
It is my experience that the law tries to reflect what is right and decent in society - It is not always sucessful - quite simply because it is not always possible to put in writing rules of what is right and what is wrong. Most of us don;t need it in writing coz our parents did right by us and society - not by writing laws as to what is right and wrong but instead by burning it into our hearts and mind
Unfortunatley, there are amongst us some who didnt get that good learning
Anyway, if you have the training to be able to identify a legal anomoly in this mess - take the opportunity to raise it with ASIC. iF NOT, then just try to put your concerns clearly on moral grounds and hope you get someone with the depth of knowledge to read into it and identify any legal issues.
Hopefully if enough people complain - one of the complaints will get past a pimple faced kid wnfi and hit the desk of someone who can see what is wrong and do something about it
I will be lodging complaint with ASIC over weekend by email via Someone I have dealt with there before but will also cc it to [email protected]. incase they are on leave - for mine, that is the only way to get this looked at
If you want to lodge online go here http://www.fido.asic.gov.au/fido/fido.nsf/byheadline/How+to+complain+to+ASIC?openDocument
I will likely also cc to the author of the independent report, the chairman, MD and company secretary as well as the Minister for Superannuation and Corporate Law viz
