Does anyone know for what reason it is proposed at the forthcoming AGM Justin Doutch is to receive shares?
Now it is as if the company is run as a private conpany, where the creditors control ownership. Shareholders and creditors have provided money for the company to pay these ridiculous salaries to the board for all these years. It's like a financial round robin.
All they got to show for it alledgedly is the one bar of gold , that they delight holding in their hands whilst being photographed in their shiny day-glow protective gear.
And if their latest plan doesn't work , these people that have loaned them all this money , can take over company assets. The only role of shareholders is to approve these company plans . It is worth remembering , the shareholders forked out around 2 million in the capital raise , alledgedly for them to finance production . That's who financed the $965,000 of gold the produced. So they produced half the value of gold that it cost, while the families trucks and other equipment was kept busy. The company claimed in the accounts that the gold produced was sold .
Shareholders paid for the gold to be produced , and it was later renamed a sampling operation and 90 percent if the ore dug up was left on the rom pad . The shareholders who financed the gold produced , had their shareholding reduced by 99.983 per cent, that is their number of shares was reduced by a factor of 7,500.They were virually eliminated from the register & creditors effectively took ownership.
We need an inquiry into who owns Classic Minerals Pty Ltd, and an audit inspection of Kat Gap by a mining engineer, to assertain what is actually there .
For a company that has had no income and who has survived on debt and shareholder money , we need to understand how they have paid their CEO half a million dollars per annum for all these years.
Plainly the board has benefited , the family has benefited, the CEO and employess have benefited , but shareholders haven't. This is all while ownership and control has been transferred to creditors while the company has signed agreements that creditors take ownership of company assets, if things don't work to plan .
What exactly do small original shareholders own now ? I would argue effectively nothing - they have been removed from owning anything.
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