thats pretty much spot on Snagger!
However, I would very much doubt ASIC would get involved... they are a toothless tiger..
If Padbury Mining (PDY) can put out a release saying '$6.5Billion in funding secured' in April which of course was a false statement and they are back trading today and to date have nothing to answer from ASIC (the shareholders have launched a class action) why on earth would they go after PLV?
Last week they announced a further 22MT of high grade ore for only the first half of stage 5 at Cockatoo.. they'll be mining there for decades to come and the guys who get in at 1c over time should do quite well. (provided the CR is a success but i'm confident D'Slyva and his mates have already calculated this), Ltermers have been well and truly shafted here..
Have no idea if the Patersons shares (260m) will get up, why would GNR vote YES to Resolution's 2 & 3, they are diluting themselves, they have 18% surely the remaining shareholders can come up with a further 33% to kill that off, they (Paterson's) are 'cleaning up' the company yes and clearly thats needed but this is just blood money for getting their clients in at 4c, well fk me take a ticket and get in line if thats the case! How Brett Clark can still command $700K/year after this occurred on his 'watch' is perplexing to say the least, and i'll be awaiting the results of the chairman's 'review' on the Company's performance;
"the Company is undertaking its own detailed review of Corporate and Operational
activities and has identified immediate costs savings at the head office and at the mine
site;"
Under the previous CR (@4c) we were going to end up with roughly 2billion shares by 2017 once the (short & long dated) options came in, absolute best case scenario for shareholders now is if they raise the minimum amount of $16.5m plus the GNR money + debt to equity from creditors (total $47.5m) will see PLV with approx 5.8billion shares prior to an obvious share consolidation down the road (eg. 1:10)
Who here is in Perth and going next week?
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