I am getting more and more p*ssed over time, realizing the complete incompetency of the BOD at the time of demerger, and annoyed at myself that I didn't sell down all my FFX at the ATH the week prior, after holding/accumulating since BGS years.
...But then why should I have been worried at that time? I was due to retain the same no of FFX shares and receive a free additional allocation of LLL shares, with the cost basis of each being reduced pro-rata - awesome!
- FFX was at all time highs, and the demerger was being promoted by the smiling assassin in his video to shareholders re: 'soon to be cashflow positive' and the reference to 2x $1B companies.
- SH's made their own/individual educated decisions on retaining/selling FFX shares pre/post demerger upon the cost basis calculations and tax structuring of their FFX & future LLL holdings. I did this, with the intention of Goulamina entering production and both Morila and Goulamina bringing in the goods over time, however my structuring has now completely bit me in the backside due to the (not one, but two) suspensions and NIL projects going forwards.
- Many FFX holders sold down FFX share and/or bought LLL shares with their own funds on top of their entitlement allocation as they wanted their funds to follow the Lithium instead of the Gold.
- I wanted to sell down my FFX, as to me, the Gold was a bonus, but I still retained a large percentage due to the way of the world, and although the POG was going down, it was obvious due to the world climate, it would go back up to AT highs - at the same time Morila was due to allow us to become 'cashflow positive' - ie we'd be in the best shape we've been in - why not keep some/quite a few?
- I did have a strange feeling seeing MA with such a Cheshire Cat smirk in his video, and also seeing AC smiling his head off in previous videos. I should have listed to my gut, but no - everythign was 'on track' for the demerger.
- Did I give the demerger more credit due to Simon being the Head of the off-shooting Leo Lithium company, thinking yeah, he knows what he's doing as he's done it all before. I was (assuming) he would have looked into the contractual details between FFX & LLL and all the intricacies involved...
- Who knew that FFX would go into an indefinite suspension only 4 days post demerger? Many parent companies in demergers reduce in SP straight afterwards as a rebalance - FFX went down...but kept going down then suddenly went into a TH, of which it will never arise.
- Now it's taken LLL with it.
FFS.
Cash out and wind-up FFX ASAP - then there is nothing left and we can't 'lose' any more.
THEN we can consider a Class Action (similar to DMP), NOT before.
I have zero care factor for the BoD - this should have been sewn up 2 years ago, and they continue to make money from this sunken ship whereas we're all stuck on the bottom of the ocean in the wreckage.
Enough is Enough.
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