Share
9,750 Posts.
lightbulb Created with Sketch. 147
clock Created with Sketch.
07/03/16
13:02
Share
Originally posted by 1mission
↑
Yeah i think this has been mismanaged from the start, however i was prepared to give a new management team a chance of about 6 mths to get their business plan in place and DFS and other positive ann's to confirm this project and company. I am starting to believe i should study business and get a directors licensee as i could run a company better than this.
1 - I would have contingency plan/s in place.... e.g. if a source of funding was still in negotiation stage i wouldn't or advise against the my fellow board members to announce anything(1st march ann) until documents signed and confirmation complete (due diligence etc) otherwise if an ann had to be released i simply would say that a vital lifeline of funding is been sort as the previous SPP and underwritten amount seem inconclusive at this stage to progress with our business plan of A,B,C and dfs etc.
2- however this is our business plan ....... fast track this - CEO is excited by X and Y .....
3- the whole sack Brad cancel SPP at .15c and reissue at .09 was a massive warning sign of anti logic in my eyes - even if i was an incoming CEO i would say hey wait lets think about this - i know you want me in there to kick some a$$ and get this up and running but if my connections and gusto can't guarantee funding than lets wait this out till the 1st of march qtr and at least raise the cash first at .15 cause no-one like a reshuffle mid SPP. Gives me time to get my financial connections in place too.
4 - If the SPP didn't raise the funds then they are bullshittin they didnt know anything - when they got pulled into that meeting heads would have been low as they walked in as you'd know rumours/ceo or mate told you sh!t is going down - prepare the drop sheets at your desk because blood is hitting the floor if you get sacked.
5 - this has been orchestrated from the start - some poster mentions that this CEO is a specialist for winding down co's so who ever the puppeteers are they knew they could change the CEO-he'd change the board - get rid of the dead/or possibly working wood (in hindsight) then delist - change shareholders to creditors and then BAM - buy the company for a steal.
Quite frankly - someone has to have know they were gone if plan A didn't work - if they new cash flow was a problem back in Nov-Dec when new SPP was initiated then why not rip off the retail investors for easy money and give an option to apply for shares about your rights issue number?
I only could apply for $300 which i bought on market for .065 to av down to .11 so only 5k loss for me however still pissed at the lack of transparency and the excuse to the ASX smells of excuses and hidden lies - grow up gentlemen - on a CEO salary then put up your own funds and say hey were doing another spp eveyone can apply up to 15k limit and and board is in with 500k a piece.
That would in still confidence and confirm share price increase immediately
or
hey we are now in talks with XYZA china to sell 10% of the project at X price to raise Y million and bring forward DFS and construction to get this up and running asap
Have you really tried and exhausted all options mr board members?
I don't think so.
Old mate selling for health reasons - come on ASX this smells like a fridge was turned off - first i smell off milk, then i crack an egg and that stinks the room out - now i find a statement from the electricity board saying my power is on and everything is fine - then everything is rotten and finance rental company is coming to take my fridge back because i now have a bad credit check from the electricity company saying i didn t pay my bill....come on!
Expand
I hope the administrators have some good researchers and they DIG DEEP... BB should have taken all oversubscribed CR's 55c / 35c and Mr Cashflow.... ??? sick in the guts since Thurs and counting. Questions have to be asked and maybe that's what the administration is for... still need a white night to stump uf $$$$ to take us forward without too much dilution... I don't thinks it's over but I think the boat party is a way off.
KL - and I think the whole messstinks!