Yeah tilleydog, seems that Springsure Pty Ltd is still owned by the Resco Group, ORH did not acquire the Resco Group of companies, though Craig Ransley must have been willing to sell Resco for the right price, which surprises me.
I can only find one connection between the 4 companies, TheChairmen1 Pty Ltd, Springsure Mining Pty Ltd, Resco Services Pty Ltd, Guiidford Coal, and that is Craig Ransley, he is either a managing director or owner or CEO of each with substantial holdings in all of them.
The question for me is - Why did Springsure reneg on transferring tenement EPC 1674 to Guildford which is mentioned 63 times in the Guildford Prospectus as the Springsure Project.
No explanation was ever given to shareholders.
It seemed that Craig Ransley just changed his mind and decided not to grant EPC 1674 to Guildford (Because Springsure and Resco are his companies), but I am sure it is not that simple. There may have been other issues that forced his hand, we just do not know. We have never been told and it would be interesting and only fair for us (as shareholders) to know the whole story, the truth.
Mr Ransley (ie. Springsure) was to be paid $10 million for EPC 1674, so I assume the money is still sitting in the Guildford accounts, because it was raised during the IPO.
Shareholders have also not been told if the money is still there or what has happened to it. Another $2.1 million was raised for EPC 1674 exploration. Is that still in the accounts? What plans do the directors have for that money?
Here is one idea.
As the 23 Sept announcement from the Takeovers panel says, on 6th Sept TheChairmen1 Pty Ltd proposed the 85% takeover of Springsure Mining, and using a capital raising placement to do so.
If I am guessing correctly (and it all gets rather complex and intriguing), this may mean Craig Ransley, as a director of TheChairmen1 Pty Ltd, is using a placement (to a company as yet unknown to us, maybe a finance house, a brokerage, or even ResCo), to gain funds to buy what is effectively a company controlled by his Resco group ie. Springsure Mining, for TheChairmen1 Pty Ltd.
Springsure Mining own EPC 1674.
I wonder if he will then try to on-sell EPC 1674 for 'that' $10 million dollars Guildford has waiting.
So this may all be about the $10 million and EPC 1674.
That is, for some reason (as yet undivulged to us) EPC 1674 could not be sold to Guildford by Springsure Mining at the Prospectus, however, if Springsure Mining is purchased by TheChairmen1 Pty Ltd (who owns 60% of Guildford) then perhaps EPC 1674 can then finally be sold to Guildford this way, and Mr Ransley and TheChairmen1 Pty Ltd can acquire the $10 million.
Just a theory.
Please note that I have asked Guildford for an explanation of why Springsure reneged on transferring EPC 1674 to Guildford, but for the record, I do not expect a reply. If I do get an open and descriptive reply then I will have a heightened respect indeed for the directors of Guildford, and will subsequently plough more money into the company, because caring and frank and respectful directors are hard to come by in my experience.
This is an interesting story.
Of course, all of my conspiracies and intrigues here could be complete bollocks, but hey, it's fun sometimes to extemporize.
Gw
GUF Price at posting:
39.5¢ Sentiment: Hold Disclosure: Held
