agm loses big time soc gen style

Down $7.9 m but could be a lot lot more.

Apparently the money came from a $30m ear marked for exploration.

MAYBE there is NO exploration potential

We got to ditch this company quick.

NO SALE!!


report thanx to Galvanise
$7.9M lost out of $30M raised by Merrill for exploration..

It mentions they bought Eastern Star Gas, Hillgrove Resources, Icash Payment Systems(?!?).. through accounts with Patersons, Shaw and Findlays

"If SocGen can do what SocGen does then other people can have a little flutter" Allegiance chairman Tony Howland-Rose said by was of explanation when first contacted about the matter. ???

"I just rang him thinking 'Gee what a crash' and I rang him I could tell something was wrong and that's how I became fully aware of the situation" - David Deitz, exec director

"We were aware of the investments, of a bit of trading, but we didn't realise the scope of the losses"

He conceded that Mr Amzalak traded "a very, very little bit" of the $30M that Merill Lynch had raised in december for exploration.