It's been quite a while since I last posted on here regarding this company. I have resigned myself many months ago that my 320,646 shares purchased at many, many times above the current SP have been lost. After seeing the multi millions of dollars being squandered by the directors running this company to the ground and then for them to use the rules to freeze the stock being traded on the ASX, I have come to the conclusion that now they have taken down their website, the inevitable will follow and they will close.
I have checked other hyperlinks from websites that have any reporting on Auscann and all of them bring the up the above report.
For their latest news report to kindly inform the market and shareholders that they have successfully secured a buyer for their facility and the many millions of dollars from the sale will be used for a 'PROPOSED' material acquisition and 'WORKING' capital just makes my blood boil.
I am a firm believer in Karma. And all of these directors are marked by many many other angry shareholders. Some directors have recently jumped ship as they know that what has occurred at Auscann is just daylight robbery.
They still have their LinkedIn profile with LM still shown as running the show but we all know the show that he has actually been on!
From their Annual Reports they disclose their: -
Values
Integrity
To act with integrity and the highest standards of ethics when dealing with stakeholders, including employees, suppliers, partners, customers and shareholders.
What a load of crock!
I do not live in WA but if I did, I would be waiting, probably for a very long time, until one of their Directors showed up just so I can ask them when close up to their face, how they sleep at night!
Does anyone on here remember when they had $36M in the bank? It's not that long ago.
I called their office this morning to see if it was still active and listened to a recorded message saying "Hi, thank you for calling. Unfortunately you have called outside our normal office hours, please leave a message and we will return your call at our first opportunity.'
There was no indication of who I had called and I do not expect a call on Tuesday morning.
What I will be doing next is to write a letter of complaint to ASIC asking for them to investigate the affairs of how this company has/is being run and blatantly squandering many millions of shareholders funds. How this company has not been on the radar of Channel Nine's Investigative Team is beyond me as it would make a great story exposing all of them!
A Class Action, well, I have noted my shareholding but I do not see us retrieving our investments any time soon or if ever.
GLTALTH with your other investments.
Regards,
Peakabooau
