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eirexpat

2,920 Posts.

369

06/11/19

11:53

Post #: 41272888
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Originally posted by Jonnylitch: ↑

I haven't investigated this yet but it seems to me that there are grounds for a class action.

So how do we want to proceed? While I haven't put the kid's inheritance in this company - I am sufficiently aggrieved that I want our leaders alleged underhand dealings brought to task. It would appear that that certain parties have created personal wealth by scamming shareholders only to set up a new company to rinse and repeat.

It is interesting that NF fought much harder to stop ATO from the winding-up order on Ochre - he succeeded, by the way.

To be successful we will need a significant number of shareholders to get on board. We need to approach a law firm to take this on - no guarantee that anyone would though. Please note, we may not recover our investment - but maybe, just maybe, it is time and up to us to put the corporate shysters on notice that if you rip us off - the little people will come after you!

Some questions:

How is management protecting shareholders' interests by not defending delisting proceedings by ASX?

ASX raised concerns as part of delisting regarding:
The ASX accused GFS of failing to tell shareholders about the legal fight with Botswana Stock Exchange
GFS financial condition
Dealings with related parties (Ochre)
Failure to engage with the ASX about reinstatement conditions

Perhaps GFS didn't defend because they are true and undefendable?

Were these ever addressed? As shareholders, were we advised of these?

The ASX is not our friend - so don't expect them to sort this out for us.

So we have two choices - rollover or take the fight up to these guys.

I am prepared to talk to some law firms to see if there is any interest, does anyone have any other suggestions?

Should a law firm take this on - who is interested?

Eventually, we would need your names and holdings.

Expand

Shareholders and some ex staff tried to do the same to XPE a while back. It proved to be difficult to proceed. Many thousands f SH names etc were taken and it was run by a few guys who were well connected with lawyers etc. Eventually it was dropped and it just got too hard. Perhaps this will be different. XPE still trading and huge amounts of money lost including mine.

Its worth looking into like anything else. These people cant just get away with misleading shareholders to fulfill their lifestyles.

GFS Price at posting: 0.2¢ Sentiment: Hold Disclosure: Held
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