It's terrific that you try to keep the market informed about this company. Much appreciated.
I still retain one solitary share in this company just to keep abreast of what these 'fine fellows' are up to. ;-)
I was, at one time, a top five shareholder.
For me the nail in the coffin was the dealings with Andong Bor where they hid the acquisition in the quarterly as 'exploration' and it turned out to be acquisition but they didn't let the market know it. I 'surmise' from the shareholder lists that I and other shareholders acquired that the directors then proceeded to get their mates to sell their holdings, thereby pushing the price down to the level that the directors were happy with, so that they could get the notorious resolution 5 passed back in 2007.
The same mates were at the meeting voting in favour of resolution 5 and quickly scarpered after that was passed. This left a rather awkward situation where only those 'against' resolution 5 remained and the company failed to get anyone voting in favour of resolution 6, yet still it was subsequently announced to the market as 'passed on a show of hands'. For those of us at that meeting, not one hand was raised. Not the first time... and after a recount (thanks to the protest of one of HotCopper's finest members), not even the second time.
Oh, and that meeting was also most memorable for the fact that the only time the executive director spoke... was through his lawyers who were present.
As those resolutions have now been passed the directors have carte blanche to increase their shareholding year after year.
I note that resolution 3 was also passed this year. Enough is apparently never enough.
All the best to you and your share trading.
Kind regards, Tangrams
TNC Price at posting:
1.0¢ Sentiment: None Disclosure: Held
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