Night , the problem was there was little 'acting in shareholder interests' for example the number of family members employed on site, and the deal with the purchase of the Gekko, made for blatant nepotism. And after years of it, they want to sell what is left and give it to the board to distribute to those who have supported them . I mean how many years did they pay the CEO $500,000 and for what ?, if they were going to sell their sole project?
What did CLZ do that benefited shareholders in any way ? I can think of 20 things that helped family members and associated business interests. For years they paid the Convertible Note Holders 36 percent (cumulative), which would probably work out to be 50 percent per annum after 3 years. Now they may want to give them shares in lieu instead of the principal , that is, if they are still holding them. The rest of the shareholders holding stock - their shares are valueless- except possibly for a glimmer of blue sky, on the mirage horizon.
Looking at the proposal information sheet from the company released on 17-12-2024, the company is proposing keeping money for the future after its financial obligations are met and giving shares to the smaller equity holders. I wouldn't be surprised if what is left, is just enough to pay that owed to the board and staff for salary & superannuation entitlements
I mean what is the Board doing for shareholders, maybe a 'little pie in the sky' for the future, god forbid?
I don't think they even know what's going to happen next, but I wouldn't be surprised to see, the Board & Staff ( including the CEO's ) entitlements paid out, which might use up most of the 1.5 million they have allocated for the future. Then maybe an unsuccessful capital-raising, then possibly 'slam dunked' into admin.
So what possibly can the shareholders look forward to? Along the lines of they might commence mining at the Ladies ( which they do not own)
As far as I can ascertain, they will own a Gekko worth maybe a mill, if they could sell it & they probably still hold the leases near Tropicana- that IGO is renting. but I don't know if they would be saleable now after the collapse of the price of nickel.
So to the Disruptor, try and engage in a debate about the company, rather than continue your attack on my motives and therefore credibility. And remember I can prove everything that I have claimed here about my personal relationship with the company. You might have me on block, but we are downloading everything you post & it is damming.
Expand
(20min delay)