I didn't lose any money as I'd bought cheap enough.
But have a thought for all those that did.
However I was extremely vocal about the rip-off deal that GBG management asked shareholders to vote for. It was an absolute con and GBG management told shareholders that iron ore concentrate wouldn't make money, rather strange when they originally told shareholders how much money they would make and having a Chinese company like Ansteel backing the project.
"When reading the Aquisition Scheme Booket I note that there is no mention of Ansteel's pelletizing plant in China and the profits made from turning iron ore concentrate in iron ore pellets.
This is the reason why Ansteel wants to buy the remaining share of Karara."
They said iron ore wouldn't go above $100/tonne, today its US$150.19/tonne.
At todays iron ore concentrate price of US$150.19 or AUD $202.67/tonne , the company would've been making a fortune, a bit like Grange Resources GRR which is making more than $100/tonne. multiply that by a few million tonnes.
Read a few posts about how bad the execution of the business was by GBG management.
I wouldn't put these Directors in charge of filling a dogs bowl.
If you're fool enough to believe Coda management then you deserve what you get.
I see CODA is going down further, might be OK buying under 5 cents.
I have my principles, I wouldn't buy the trash unless there was a complete change of management.
