website update on koongie, page-10

""That can't happen if SP is 4.5c - 5c!!!!""

IGO4IT,

Why can't it IGO4IT.

Now consider that the Company has made three share placements already since the beginning of the new financial year,

1) 25.0 millions on the 5/7/10 @ 4 cents,
2) 43.7 millions on the 9/9/10 @ 3.5 cents, and
3) 6.0 millions on the 8/10/10 @ 3.5 cents as well.

From the back of an envelope calculation they would not require our approval for the issue of these shares, because they are within the limits of the total shares a company can issue (I.e. 15% of the total shares on issue) without requiring shareholders approval.
Hence why the last placement of only 6 million shares that many posters here queried. IMHO, it wasn't because they were placed to some friends or mates, it was because of the limitations imposed by the Companie's Act and the ASX.

So with that in mind, there are two issues that quickly comes to mind.

A) The issue about your comments That can't happen if SP is 4.5c - 5c!!!! has now been totally blown out of the water as a baseless and ramping excuse, and

B) The Company is in serious needs of money and they will do anything to be able to get it. Because if they don't get that resolution passed, they will not be able to issue any more shares until the beginning of the new financial year. Bear in mind though, that IMHO the next issue of shares will not be at the levels that they previously did if they are planning to do what they have listed in their webpage.

Hence why, IMHO, all the good things that they have listed in their webpage as unfolding in the near future, but, intentionally failed to release an announcement as such, via the ASX. Consider now that if the Announcement was released via the ASX, there would possibly be some legal implications and the possibilty of some class actions, if they failed to occurr, while IMHO what's shown in the webpage does not.

So, what would that mean???

AP, IMHO, (via his actions in the past towards his retail shareholders), has made his own bed and now he would find it extremely difficult to raise money from current retail investors because of his doings over the years, so the only way he would be able to raise more funds, would be via more SPP issues to sophisticated investors and most importantly, at what price.

My suggestion to you is, keep an eye on this space.

Buddy