Ann: Funding Update - 3 Transactions being pursued by the Board, page-49

Does anyone honestly still trust the Board's timetables anymore? After a million extensions last year? Some may defend the Board by saying that Cakra and CKA had an 'exclusive negotiation period' and it was Cakra that was responsible for the delay. WTF aren't shareholders being informed of that 'exclusive negotiation period'? What is the benefit for CKA when the takeover bid looked suspicious to begin with?

I have zero confidence that the merger will be with any reputable coal miner like NHC, WHC or any other coal producer thats actually sitting on any amount of cash because if so there would be clues in that announcement. Instead, we are just given that the merger might be with an 'established ASX entity' having an 'experienced Board'. How many times have we heard that before even when the company's an absolute dog? Says nothing about whether it is actually producing, whether it has cash, or is just another nanocap explorer. And as always we are informed of there being a 'key bid pre-condition outside Cokal's control', thereby shifting blame for any delays from our management.

As for the Chinese IPO, it just ignores current market conditions in China ATM. Volatile markets, panicked sell-offs, daily regulatory changes and everyone is going into capital preservation mode. How would an IPO of a commodity company in the midst of a severe commodities bear market and a cataclysmic Chinese stock market sell-off fare? Even if it were to proceed, how long is it going to take?

The Board really deserves jail time for what they have done to this company. If you aren't competent enough to handle CKA, leave the job to someone who is, instead of depleting coffers by paying themselves large salaries. But what can a retail investor do? Can't vote to kick management out, can contact ASIC but not that they will do anything, can sell but only at a substantial loss, or wait, but how long? There's just no way for us to win.

There is absolutely no way we will hear anything from management within the next two months, and when we finally do, it will probably be a trading halt, then a suspension, an extension on a suspension, an extension on the extension, and then finally a last minute extension only to let shareholders know that nothing is happening. I've put a sell order in at breakeven and will delete CKA from all my watchlists and will not look at it for the rest of the year. Mentally, I have completely written it off.