“I’m as mad as hell, and I’m not going to take this anymore!”

For what it's worth I sent this to the PR man and every GBG e-mail adress I could find, they all bounced back.
Here's hoping Mr Klinger does me the curtesy of forwarding it to KJ.

https://canningspurple.com.au/our-people/peter-klinger/

[email protected]


Dear Peter,

As a shareholder I am writing to you today in the hope you forward my thoughts to the board of directors and in particular Kieth Jones.

”I am as mad as HELL"

Whilst I have been frustrated with GBG’s declining interest and lack of transparency in the Karara project I have continued to be a shareholder since early 2013.

In that time I had assumed that the GBG board was doing the best for their shareholders albeit hobbled by Ansteel/Karara’s transparency. During this time I had sided with the board in many a discussion on Ansteel/China’s interest and long term plans. I now know I was wrong!

My uneducated, ageing brain has been aching with the announcement on march 11, now it's worse with todays announcement.

I find this mornings announcement once again bias as was the telephone conversation I had with a young lady 10 days ago, maybe I am a little cynical with regard to that but please endeavour to make sure the following points are raised and addressed in the forthcoming Acquisition Scheme Booklet along with unequivocal evidence the valuation is truly independent and unbiased.

• Are Ansteel offering GBG anything for our interest in Karara?

By my back of the envelope calculations the deal reads: They offer $38m but take $20m of GBG’s cash, so true offer is $18m which when divided by GBG’s issued shares equates to very much where the share price was before the offer. Which by the way, was far less than cash at hand.

• Why do Ansteel want 100% of Karara if the project has negative value and zero potential for profit?

I am now without doubt, the figures have been fudged all along for this very outcome.

• Was this deal a done thing before the 11/3/19?

If so why?

Does Ansteel have something over the board and this deal will sweep it under the carpet?

If not why aren't the board making counter offer?

After all you are all there in the interest of all shareholders are you not! The mind boggles at the possibilities for negotiation, The Cash, Ansteel ownership in Coda, to name just two.

• Have the board members considered the faith that will be held for them as members of the Coda board.

If this deal proceeds in the current form, every member of the board will most certainly be black listed by me and never receive a favourable vote.

I could rant on for ages but as composing some form of an intelligent letter is quite the task for myself, this short note taking most of the day to compose. I will leave it at that but be aware I will not be silent in my concerns, I will be addressing my thoughts to ASIC, FIRB, every relevant member of government, their opposition counterparts, all minor parties as with the forth coming federal election selling out to China stories could just gain some traction. This will be posted on public forums also.

Kind Regards