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

CGB

Click for more information

0.00%

2.1¢ cann global limited

Ann: AGM Chair's Address to Shareholders, page-22

First 22 Last

Share
Profile

Follow
Christopher67

1,004 Posts.

453

08/02/22

12:14

Post #: 59428710
Share

Originally posted by Neil1959: ↑

Hi Christopher,

I applied through the online portal to contact ASIC and am still waiting for a reply. From there, if the reply is satisfactory, I will then take the other steps as I mentioned, if there is definitive support. I just want you to know that if any further action is required, I will not be able to report it here, unfortunately, as HC's TOU's do not permit ongoing correspondence with government entities.

Regarding the Age article, I did read one of the member's replies here, but it was a segment taken from the whole article. IMO, the 3rd report from the investigative reporter read more like an Advertorial and was not conclusive in its findings. I am including the whole article below.

Re Medcan: I can't add any information to help you as Craig is very guarded (careful) about discussing any current business relationships; as he should be. CGB is a public company.

Re Instacann: I have been through the process to get my medications, Instacann 2.5 THC/12.5 CBD. The process was very easy and professional. I am now waiting for my script to be filled at an appropriate chemist in NSW.

Here is that full article. Members are welcome to draw their own conclusions.

Pot stock management puts stop to related party transactions

By Richard Baker - SMH

"The chief operating officer of medicinal cannabis company Cann Global Limited said the recent decision to end a multimillion dollar services agreement with a private firm owned by the listed company’s founder and former chairman, Pnina Feldman, was necessary to improve transparency.

Marion Lesaffre told The Age and the Sydney Morning Herald the leadership of Cann Global had listened to shareholder concerns about related party transactions with Mrs Feldman’s private company, Australian Gemstone Mining, and acted upon them to create a “structure more in line with usual corporate practice”.

From 2007 to July this year, Cann Global and its predecessor listed mining companies had an agreement with Australian Gemstone Mining to provide management, secretarial, marketing and other services. The arrangement, which was always declared to shareholders, resulted in Mrs Feldman’s private company receiving almost $14 million.

“The related party transactions with Australian Gemstone Mining have ceased,” said Ms Lesaffre, who has been with Cann Global for a decade and was appointed to the role of chief operating officer in August last year.

She said Cann Global had also terminated an arrangement with a close relative of Mrs Feldman and her son, Cann Global’s managing director, Sholom Feldman, to provide marketing services to the company in return for payments to Sydney’s Yeshiva Centre.

“We have been through a process of reviewing, and in many cases replacing, some of the company’s advisors and consultants which included the ‘close relative’ you referred to in your article. We are now confident that the current complement of independent advisors and consultants are delivering a high degree of value to the business,” she said, adding that full-time staff were now directly employed by Cann Global.

Ms Lesaffre’s comments come after The Age and the Herald last month reported shareholder frustration with the performance of Cann Global, including its failure to recover $1.2 million from a private company owned by Ms Feldman and her son in relation to a 2010 transfer of a sapphire mine owned by the listed company to Mrs Feldman’s Volcan Australia Corporation.

The $1.2 million amount has been accounted for by Cann Global as an impaired and unpaid “loan” to Volcan Australia Corporation in its most recent annual report.

Ms Lesaffre said the directors of Cann Global were focused on recovering the money. She has also asked the company’s geologist to find ways to monetise the sapphire mine to recoup the debt."

Expand

Thanks for the reply Neil,

I don't expect you will hear much from ASIC - they have much more pressing issues looking for Reddit stonk groups.

In that last article, they are merely telling the companies response. there were no new issues dug up for them to report on. and no explanation of why its taken many years for them the company to listen to shareholders concerns.
As for focusing on the debt,, the directors at CGB are ALSO the directors of VOLCAN. should be a very simple conversation in the mirror. Hey can i have my gemstone lease back? Sure, here it is. Then sell it if it is worth 1million to a non related entity, or go mine some sapphires. (id suggest it isnt worth the money, or Volcan would have offloaded it already. id prefer they don't spend a few million dollars drilling around it and finding nothing of value, just like the bauxite mine)

Medcan - I'm sure they don't want to say anything that could see them receiving any legal letters, but they don't need to. It is obvious that they sold their shares, at all time market lows, and that says volumes about their estimation of the companies trajectory.

Canntab - fingers crossed these get filled ASAP!

CGB price is now pre-consolidation equivalent of 0.16 cents. (yes thats .16% of a dollar $0.0016) Market cap is pretty much along the lines of their Cash at bank - Mr market is not looking at the company very nicely.

24 people like their Fuss Pot facebook page, lets see if their influencer campaign can generate some views and likes (and some REVENUE!).
Be a perfect time to have some olympic athletes using some Everything Oil to soothe their skin after a hard day on the slopes.

CGB Price at posting: 0.2¢ Sentiment: Sell Disclosure: Held
7 Upvote

0 Great analysis

Reply

Top Stories

CXU

Cauldron discovers shallow uranium up to 2km at WA's Yanrey

ASX Market Open: Australian bourse to fall as subdued Wall Street awaits rate cut decision | September 18, 2024

88E

HotCopper users smell capital raising as 88 Energy says "significant update" at Phoenix

HVN

Harvey Norman clocks subdued gains as Echo Law's junk warranty class action kicks off

PAR

FDA hands Paradigm Biopharma guidance to re-jig phase 3 osteo trial – or is it a delay?

There are more pages in this discussion • 10 more messages in this thread...

First 22 Last

Add CGB (ASX) to my watchlist