Yes we waited 2 months for this administrator’s 439a report which included a 4 weeks delay on the date the report was first meant to be published so that the administrator could more fully investigate the affairs of the company.
We were disappointed at the delay but we waited patiently because we thought that justice would prevail. That the extra time taken would allow the administrator to get to the bottom of the all the lies we have been told, and which encouraged us to buy into Compass Resources in the first place.
But in the end what we got was an absolute farce.
We got a report that is largely padded by “cut and paste” preamble about corporate law and then mostly focuses on issues that we were not questioning in the first place so that they could come up with a result of no case to answer.
And the one time they did focus on an area of concern they come up with this:
“7.5 Director Duties: Based on preliminary investigations, I have not identified any breaches by the directors of their statutory or fiduciary duties.”
You’re kidding me right....
It seems they have just completely disregarded the avalanche of complaints they have received from shareholders regarding this very subject. Not to mention all the other complaints they received. Take a look at their own Policy and Charter documents and then line that up against what they actually said and did, and it’s easy to see plenty of inconsistency.
The best we got after 8 weeks of investigation was:
My preliminary view is that the company failed because of: -A lack of adequate project design and controls; and -Significant falls in the prices of copper, nickel and cobalt.
No kidding Einstein...
How about elaborating on that first point in a little more than 10 words or so....
And you can forget about the second point because if the Oxide plant had been constructed properly and producing when the “directors” said it would be,(even allowing for the first delay)then we would have had a year’s worth of production at peak metal prices that would have put us in a stable enough financial position to weather recent fall in base metal prices... And we wouldn’t be in this crisis today... And a certain NE Director confirmed this at the EGM, saying I couldn’t agree more... And the Administrator sat there and listened to that. So how does he come up with this tripe...
And what about that holding DOCA that has been proposed. What the hell does that really mean? Looks like they just want to prime the assets in readiness for sale... It’s so light on detail I don’t even know what I would be voting on there...
Seems like there all cut from the same cloth...
But it isn’t over yet. Sooner or later justice has to prevail. Someone has to realise that if this is indicative of the law of the land then we’re all stuffed in the end...
ASIC is that you... Do you know what’s going on here... Are you alert or alarmed ???
Are you really listening to what thousands of honest and hardworking shareholders are telling you about the alleged deceitful way in which this company operated by luring many unsuspecting shareholders to invest into what has turned out to be an alleged hotbed of propaganda, half-truths, lies and deceit?
Will you conduct a thorough and truly independent investigation into the affairs of this company and then actually fulfil your charter by reporting this to the shareholders in an open an honest way.
Only then will I have some faith that it is safe to invest in the Australian Market place once again...
Appropriate sentiment was not available for selection...
This is my Opinion only and is written Without Prejudice...
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
