Ann: Quarterly Activities Report and Appendix 5B Sep 2019, page-5

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01/11/19

12:24

Post #: 41197957
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Originally posted by vcr999: ↑

So basically CIZ were suspended from the ASX in 2016 and the directors continue receiving full salary's. Now GWR give them 4 of their assets for 10,000,000 shares with a book value of $200,000.This enables the directors to raise $4,300,000 on assets given to them at mates rates from a company GWR that they are heavily involved.The word Nepotism comes to mind again but is this in GWR's best interests it is certainly in the CIZ directors best interest.With so many of these same directors on GWR,TGN and CIZ's board and with swapping assets among themselves the directors are in a win win as they own shares in each company.But us share holders that only one of these stocks are losing out on some deals.It would be good for an outsider to decide if GWR share holders are getting a good deal here not the duel share holding directors. These assets are not being used by GWR but their true worth is a lot more than 10,000,000 CIZ shares, were they even offered to other buyers who may pay more.No wonder this Company has been suspended if they re list and the assets are undervalued the directors will make a killing while the loyal share holders will just be glad to sell out as soon as trading starts.How can you raise $4.3 mill with assets given to you by a connected third party without having to pay a cent in cash something sounds very suss.As a GWR share holder I would prefer the cash. CHEERS

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I can understand as a shareholder in GWR you'd be unhappy with them getting tied into our issues but GWR also hold 16 million shares in CIZ before the rights issue so it is in their interest not to let the company fail and their shares turn into dust.

Anyway Lyons seems like a fairly experienced mining man and 4 million is a pretty decent exploration budget we'll see if they can find something decent.

CIZ Price at posting: 4.0¢ Sentiment: None Disclosure: Held
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Ann: Quarterly Activities Report and Appendix 5B Sep 2019, page-5

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