I don't expect this to ever get to a vote for tranche 2, because no sophisticated investors will buy at 6 cents when they can get shares at 2 or 3 cents once it begins trading again, if anyone buys at all.
Once this is realized, sometime after trading is recommenced, you will get board resignations anyway.
When tranche 2 therefore fails, without investors here really having to do anything except watch the course of events, it will once more go into another trading halt.
Then, the remaining chairman will terminate the contract of the new MD, triggering his exit payments, probably sometime in November, and if you carefully read the material terms of employment, this will trigger an exit payment of approximately $320,000.
The company will then be placed with administrators, and this will then trigger the release of the LLL escrowed shares. The administrators will sell those shares, and the plant, to pay off the creditors, especially MEIM for that truly horrendous contract signed with them by the previous MD and Chairman. All other creditors, including the government of Mali will also line up to be paid.
Regardless of administrator activity, at the conclusion, there will be no credit remaining for shareholders, though you will be able to claim your capital tax losses, for which administrators write you a letter to be included with your annual tax return.
And that will be the sorry end of the truly agonizing 12 year path from BGS to FFX, culminating in a rather sad demise, though as a lucrative lifestyle company, for it's continuous revolving door of directors and executives, it would have served it's purpose, namely, the continuous transfer of wealth from mum and dad investors to the insiders and financial moguls who designed and control and run the system.
Gw
FFX Price at posting:
20.0¢ Sentiment: None Disclosure: Held
