agm - some observations

Apologies for not posting this yesterday but following the meeting I needed a drink more than I needed HC.

Mr & Mrs Audacious and about 20 other people apart from Board and Management were in attendance.

As you are by now aware all resolusions were passed but 1, 5 & 6 were forced to a poll after being voted down on a show of hands. On the numbers it would appear that most of the big holders are backing this Board's decisions.

Mr Scanlan and Mr Gill were quizzed with a variety of questions from maybe 6 or 7 peole throughout the meeting.
I think we got as near to straight answers as we are likely to get.

The following are some observations taken from the meeting in no particular order.

* CGT had been fishing for a takeover offer for one month before Lion Gold made their offer. Lion Gold approached CGT.

* NO Australian listed companies had shown ANY interest.

* Lion Gold has no intention to list on the ASX.

* Mr Scanlan was "intimately" involved in discussions with Lion Gold.

* Mr Scanlan stated that they couldn't disclose how much money Lion Gold has due to "confidentiality".

* Mr Scanlan is 'under water' on his CGT investment.

* When asked what had changed between the time of the purchase of the Ballarat mine and now, the answer was an emphatic "nothing".

* Mr Gill had worked extremely hard trying to make up the shortfall in the Rights Issue Capital Raising.

* The Board will all lose their positions under the takeover.

* There is a clause in the contract stating that if there is a 20% drop in Lion Gold's SP then CGT can rethink the deal. ( Unfortunately no opt out clause for CGT should the gold price go up by say 20% giving us more scope to stay independent ).

* In reference to giving Lion Gold a cheap share placement, one shareholder likened it to giving LG a free kick WITH a 50 metre penalty!! ( Got some laughs )

Hope this has been at least a little illuminating for all you fellow frustrated holders. Now we wait for the take-over statement.

Good luck to all,
Audacious.