igc become a shell company, page-9

Hi Everyone,

I have to share a good news with you guys that ASX had told me that IGC is going to hold an EGM to get the shareholder approval on the asset sale after I called ASX so many time and urged them to attend to this matter urgently (but it still take them about 5 days to get back to me) the issuer advisor has confirmed that they are going to get shareholder approval sometimes next week. IGC is using a public relation company to handle all the enquire and those guy are so incompetent that up until today, noone even bother to call me back to answer my question, they is just another example showing that the management is wasting the company's money. In the EGM, We must get well prepare and we should all attend the meeting and ask the management question and detailsof this deal like:

Why a takeover suddenly turn into an asset sale?
Why the money they get didn't return to shareholder equity?
Why they still use the same valuation when the platinum price is UD900 per ounce?
Why they misled all the shareholder that the deal is a takeover from NKP on the last AGM? etc.......

The management owe all the shareholder plently of explanation on those matter.

Judge I absolutely agreed with you that all the previos announcement is misleading and disceptive conduct and is in breach of the Trade Practice Act. The management should be ashame of themselve that they reckon the asset sale is for the best interest of all the shareholder. I don't understand why an asset sales is better than a takeover or merger? Maybe TS can answer this question in the EGM to the shareholder. In fact I know plenty of people buy this share because they believed what the IGC management repeatly told them there will be a merger or acquisition deal from NKP and guarantee them they should get at least 50 cents for it. In fact after the takeover or merger offer announcement, the share price of IGC droped rapidly from 57 cents on 4th Aug 08 to a low of 33.5 cents on 15 Aug 08 on high volume trade. The share price never recover ever since. I am very interested to know who is selling those share in that period of time? ASIC and ASX should invested the trade around those time to see whether insider trading involve in it. I feel sorry for those investor who brought IGC around that time because they believe in what the management told them (misled them) that there will be a deal struck from NKP and they are going to profit from it. As a result they get burned badly. IMO, the management has plently of explanation to convince us that they are not misleading the shareholder using those announcements. Depends on how things turn out, If I am not getting a satisfy and honest answer from them, I 'll take extraordinary step to chase this matter through the proper channel like complain it to ASIC, let the news media know about this. etc. As I said in my previous post, I am determine to get to the bottom of this mess. I'll take the "an eye for an eye" approach to deal with the management. If they make our shareholder lost money, we will use the law to deal with them. I am still quite confident that the Australian legal system have the legal capacity to deal with this matter.

A reasonable management of a listed company should work for the best interest for the shareholder but not themselve, if they are doing a proper job, they should go back to the negotiation table and tell NKP that the deal is not good enough, they have a choice of renegotiate the whole deal or just drop it and retain the 15% interest of the mine. after all the management have told us that the mine is a world class platinum asset and is pending for further resource upgrade and the feasibility study report. If this is the case why they have to sale the asset at fire sale price, not to mention that one of the director from NKP PL is also a director of CFE, this indicate there is a conflict of interest in it and they are not working for the best interest of the shareholder. If we allow this unfair things walk over us, we might as well just give up share trading. IMO we should suggest to get rid of the management in the EGM and elect someone else to do the job!

can I get some of your valuable opinion on this stuff that I mentioned above? Hopeful we can do something about it before it is too late!

Ray