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Agree completely Sisy. Maybe one of the worst decisions by the...

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mugsley

6,616 Posts.

14/07/15

08:50

Post #: 15627781
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Originally posted by sisyphus ↑

Another day and a bad night's sleep; and still I can't understand how anyone is hoping for more offers when this one has just been accepted. The ann is loud and clear. They've accepted the offer formally. Now it's just subject to state and c/w consents - and that biggest deception of all, "shareholders approval".

Moseley and thrasher imo have summed it up perfectly - albeit from different perspectives. They needed that last CR because the board, while paying themselves handsomely, had mismanaged AGS's finances (sorry FO not because of the stockpiling) - but also because (imo) they needed to dilute the long term holders to bolster shareholder approval.

Unless the notice of meeting reveals significant further details in AGS's favour we will vote NO.

But think about it. Think about all the fire sales you know. Think how we got to this position of near bankruptcy (intentionally or incompetently) and ask what would happen if the condition of shareholder approval couldn't be achieved. An even worse fate with no money available for AGS to remain a going concern?

My own guess at possible motivations behind this shameful acceptance of a shameful offer is 1. Director self interest. 2. The JV agreement (that only they had read) guaranteeing another loss in the courts. 3. A chatty chat with the man at the top of GA. 4. Pressure from state and federal politics. 5. A desire to buy into gold at this juncture the way Twiggy has with our (inter alia) very own Maldon tenements. 6. The absolute need for cash to avoid this self made bankruptcy. 8. ** amongst our directors that may have been papered over years. 9. Those loans and foregone salaries that staff and debtors are now clamouring to be paid ...

And where do shareholders fit into any of this; except to be the patsies to finance poor decision making?

But why the whole of ACE's interest in the "4M project" (hope that is clarified) plus our existing concentrate for such a low price ? .. My only remaining hope is that the "other details" alluded to will show some indication that our Board of Directors are not the worst real-estate agents in Australia.

You know what they say about real-estate agents - and lawyers. Certainly NB is the best: "Straw hats in winter" ? Well we've certainly helped him to live up to that reputation.

Sorry for the long ramblings .. Just trying to ameliorate the pain and disillusionment. As are we all, save a few.

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Agree completely Sisy. Maybe one of the worst decisions by the court was to allow Heathgate to carry on business as usually during all these years of legal action. There was no pressure or incentive for Heathgate to make a realistic offer to finish this.

The one and only possible positive of this is maybe AGS could be flooded with offers before this goes through. It's not over til it's over. And what about the verdict from J Stanley? Is that still going to be handed down? Crazy to accept this before the verdict.

Guess we just have to wait and see what happens from here. As usual we are kept in the dark and feed on bullshit.

AGS Price at posting: 11.0¢ Sentiment: Hold Disclosure: Held
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