a bombshell

I would like to apologise regarding my assertion that RED knew of the MGB’s official position on the requirements to lift the CDO on the 06/01/14 and that they delayed the ASX announcement until the 14/01/14 for a total of 8 days. I was wrong. Very wrong!

The MGB’s official position on the CDO and the requirements to build a new tailings dam before the CDO could be lifted was actually conveyed to RED/Greenstone by MGB representatives on 09/12/13, a full 36 DAYS before they reported it to the ASX. It was reported in a local newspaper the Caraga Aksyon Balita days later with the following quote from the MGB “’Engr. Arreza added “that the CDO can only be abolished with the completion of newly-established facility armed with pertinent documents and necessary papers””. The 09/12/13 was actually the day RED/Greenstone performed their shaming protest to discredit the MGB Director that has been previously report in this forum.

Does the quote dated 36 days before RED announced the outcome of the MGB review sound the same as the official version? It should because it is!

RED knew all along what the official view of the MGB was probably as far back as early December 2013. But to put some perspective on this only $2.5 miilion worth of shares (or 29.2 million shares) traded in the 36 day gap in disclosure (21 trading days). But alarmingly there was a 3 day period in mid-December 2013 that 30% of the total shares traded during the period passed hands on a lower SP. Insiders? We will never know.

Official views whether written or otherwise made by authorised government officials should be immediately disclosed to the ASX under the Continuous Disclosure Rules. The lack of disclosure by RED is reaching alarming levels IMO.