Folks, The Darby / Mortiber bunch are all but out of GXN, PRW is on life support with the administrators about to switch it off....CDB is the last refuge for supporting a lifestyle. Look at what they did to MW - they immediately issued shares to dilute him to the point where he was not eligible to call an EGM and be a threat.
These shares were of course issued subject to a "suitable project" being vended in, which means they'll never be actually issued, and the transaction will be conveniently cancelled once the threat of dethronement is perceived to have passed. I personally can't see why this would not continue ad-infinitum to maintain the Darby / Mortimer position in CDB, as it seems it is the last option for them.
With no subjectivity and whinging about being burnt etc. simply look at the track record of these people. Proto listed in 2007 with the 12 Mt Barnes Hill Nickel laterite project, and a stake in the Barrier Bay processing tech which was set to make it easy to process without pressure vessels and autoclaves etc.
What happened to that? - Nothing, just as nothing happened with the numerous projects that came after that - Lindemans Bore (laugahble - the new Norilsk), Doolgunna , Tiboorburra, Mt Venn. Same story for GXN which, despite native title difficulties, holds one of the last underexplored and highly prospective greenstone belts in WA. What have they done whith that? F-All.
For comparison, SIR listed 2009(ish?), and in 6 years discovered, developed and sold one of the best nickel discoveries of the last 30 years. My long winded point is that these people will never let CDB go, but you are a fool to think they'll do anything with it either, other than bleed the punters for money.
If you want to chip in to what looks like the Darby Mortimer retirement fund, thinking it's a "good shell", be my guest. Just do it knowing as much of the backstory as you can.
Of course, my opinion only - I'm just as dumb, if not dumber than the rest of you.
CDB Price at posting:
1.5¢ Sentiment: None Disclosure: Not Held
