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Ann: Suspension from Official Quotation, page-30

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Cosmoterios

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14/09/20

18:46

Post #: 47332298
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Originally posted by drbrooks: ↑

If I still held and could use the Capital loss this year, I would use the auditor's report (the going concern uncertainty) and subsequent suspension announcement to justify doing an off market transfer to my self managed super fund or someone else at, say, a token .1c (1/10 of a cent) on the basis that the Company is now worth only that.

No advice here, just something that I would consider.

How that team can sit there drawing their salaries while they polish their resumes and calculate their severance pay defies belief. Meridian, AG and FJ will undoubtedly be feeling the same so the fact that they allow the Team to continue can only mean that they have pragmatically decided that this situation is the lesser of the evils from their perspectives.

A large placement at a fraction of a cent to one or more of those three could save them (the big shareholders)
But the rank and file Shareholders would be diluted into oblivion.

I do not understand how there has been no blow back from the "binding finance secured" announcement which was linked to the 4.25c CR.
Although I didn't take up any (Deo Gratias) I would happily join any class action on the basis that I continued to hold because of the binding finance and 4.25c CR. I wonder if the D&O insurer sleeps well at night.

Why the Finance break fee? Who at FAR thought it was ok to pay in the event that the Financiers walked?
To be fair, maybe thats the only way they could get the binding finance however but it wasn't mentioned until the recent half yearly.
Is there any liability associated with the Glencore take off agreement? Perhaps another break fee?
If I was still a shareholder I'd ask them.

R.I.P FAR and may the Directors hang their heads in shame.

Footnote: The big three's losses are (at a SP of 1.1c) as follows
M $93m (82%)
FJ $38m (87%)
AG $32m (70%)
Between the three of them they have racked up losses of $163m (80%) on an investment of $203m
Ouch!

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Brilliant suggestion in relation the SMSF.

Its something I would consider as well. If I was still a holder, I would certainly seek advice from my financial advisor, on whether this strategy could be implemented.

FAR Price at posting: 1.1¢ Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

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Last 47.0¢		Change -0.015(3.09%)		Mkt cap ! $43.43M

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Ann: Suspension from Official Quotation, page-30

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