My 60,000 shares have converted into 8 shares after the 2 consolidations. The $500 they cost me is now worth less than one cent. All I have done is hold. The CLZ Board has destroyed the total value of my holding & they at presently at full steam creating even more shares by way of debt conversions to shares & convertible notes to shares.
The next thing to expect from them at the next AGM is a vote on compulsory acquisition of non-economic parcels of shareholdings. If passed they would have removed my total investment and I would have done nothing but hold.
Just now the shares on notice have gone from 550 million to 1.1 billion. If the capital- raise were to be successful, there would be another 500 million approximately, making a total of 1.6 billion. Note that before the first consolidation of 150/1, there were 34 billion shares on issue.
They are totally out of control & I do not claim accuracy - as it is way too hard for me to keep up with. This company is a blight on the ASX and a total disgrace. The ASX & Companies & Securities Commission ( C&CS) are responsible for this unmitigated disaster continuing
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