Its surprising that the creditors of RES are ok with the...

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Comptonfarm

1,130 Posts.

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08/11/21

11:58

Post #: 57393805
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Originally posted by Birchcorp: ↑

Yes, for now I see no reason to disagree with this comment.

The administrators have given full control to the South African administrators. So we are a listed entity on the ASX, with assets that are being sold by the SA administrators, and if you look them up- Genesis Corporate Solutions, it is some 3 man band that we have no jurisdiction over…. They created a campaign last week for 5 days to sell RESGen on a dodgy flyer in the local newspaper.

That’s the value we are getting out of our ASX listing and protection. Ie a dodgy valuation that we all bought our shares based on last year, Directors that had no interest in small scale mine, and no intention of providing alternative solutions, and administration system in Australia that suggests they cannot control the sale process hence has done nothing for their hundreds of thousands apart from hand over our entire project to be sold to a local buyer in a through a 3 man workshop in South Africa.

All very pathetic. I am done with this watching them steal. If anyone is interested in legal action, I have done a lot of background work.

To be upfront, it will cost us money and time, so I am happy for anyone to join, I’m pretty easy to look up. So I will leave it up to you to look me up.

FYI, the exclusive party was Lurco. Expect them to buy it through SA liquidators, they have 9Mt domestic contract with Eskom, that they will honour with our ResGen asset that they have worked on since January.

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Its surprising that the creditors of RES are ok with the Australian administrator allowing the process to be determined and controlled by the SA administrator.
Is there any indication from other large shareholders that they intend to pursue a legal course of action?

RES Price at posting: 6.4¢ Sentiment: None Disclosure: Held
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