Here is a good summary from DollarDan that was posted a while back on one of the other 4CE threads. Explains why you may be feeling resentment and keep referring to SOC.
Below was the post by DollarDan:
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There are so many stale or burnt holders here, its in no way helping, especially for new holders that see value. Seems to be a case of, if I cant have it, then neither can you.
I don't say this lightly, we have all been burnt, but this thread is particularly toxic.
Without opening up old wounds, I'd just like to highlight a few things as I have now had to invest far more time than a shareholder should, into the history of this little dog. Caution about the length.
Basically this company was poked before GTT stepped in. There's some real head scratchers.
Here's a brief, highly simplified, corporate timeline from my point of view, focusing on the issue at hand here which is the "parent enitity"....
I make no comment to the quality of exploration during this time.
SOC parent company with various subsidiaries/holdings and projects, both listed and unlisted. Plus associated JV's and substantial holders.
So we start off in about 2012 with around 150m shares at ~20c and in the space of three years we are down to .002c with around 400m shares and close to $2m debt.
Why? IMO....
There are multiple corporate restructures within this time frame, juggling interests, having an overweight executive team on multiple levels. It looks like a corporate circus, with no structure, just chasing the next chicken to hatch. Farming out corporate services to Major shareholders as they pleased. Loans to directiors and advisors. Perhaps more... There is not enough working capital in the parent entity during this time, with the tough capital environment always to blame, whilst on the other hand still taking on more risk and hence added liabilities.
Some shocking corporate decisions, with the major being a con note to a New York fund, linked to vwap at the time of conversion, with the fund having control of exercise.
Say no more, no cash, debt outstanding, ongoing conversion of shares, share price gets pummeled.
The parent entity SOC now looks very very sick. No cash, outstanding debts which are due, share price .002c. JV partners at a standstill.
New MD comes in with the job of recapitalising the company. SPP with the issue price being vwap linked to share price at the CLOSE of SPP. Astonishing really. They realise how ridiculous this is and put a floor on it at .0016c.
They sell non core assets for $1.1m
THIS IS ALL PRIOR TO GTT.
A rights issue is then announced at .002c to retire outstanding debts and provide WC, which is originally announced as not underwritten. Prior to closure its announced that GTT have agreed to underwrite. Had they not there would have been a 43% shortfall in the issue and only ~$750k raised.
Working Capital was still insufficient. Now if I was anybody, (which I'm not) and judging by the past 3 years, there is no way in hell that I would underwrite the difference without seats on the board, especially considering the relationship with the major shareholder.
The takeovers board later ruled that GTT was over its 20% holding limit by around 1.5%. Did they see the perilous state of the company at the end of 2014 as an opportune time to gain a controlling stake... Maybe, but who wouldn't. Just as others did in the .0016 raise....
Bottom line is I think GTT are getting blamed for the trying to create a positive opportunity out of a really rubbish situation. (not saying they are angels at all) the next raise at .003c (woohoo right direction) for the litium play was not out of the norm, with most juniors having a punt. I think the "blame" for the situation here belongs to Management prior to GTT
Time for some folks to take responsibility for their investment decisions and move on in my opinion.
Shareholder interests need to be aligned and then move forward. SOC is dead. Rationalise the current assets or move on to something with better prospects.
4CE still has a chance.
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