@Super Sceptic... Thank you for your insight. I too like to protect mum and dad traders on the ASX from fraudulent and negligent management. I would like to point out that Mr Chiu So is not the only problem with the board of this company.
The Secretary, Greg Starr, just drove a gold mining company KBL into VA yesterday. This was surrounded by suspicious and negligent behavior that has been report by multiple shareholders to ASIC. (Check out the HC forum.) http://hotcopper.com.au/asx/kbl/
Greg Starr is the Managing Director of KBL and diluted the existing shareholders by 500% over 3 months. That is right from 500M to 2.5B shares between June and now.... The shares were issued to "Strategic investor" at up to 50% discount and sold the next day driving the share price of existing shareholders into the ground. Even more suspicious is that the strategic investors details on the 3B's were in the Cayman Islands and other required details had been left off the 3B's. If you think this sounds unreal, check the announcements and read the forums yourself.
I attended the final GM in person and Greg Starr did not even turn up!!! by my calculations $2.0M in profit was transferred to the Cayman Island investors over this 3 month period.
Tread carefully with this stock and this management team. The leadership look very dodgy.
DFM Price at posting:
98.5¢ Sentiment: None Disclosure: Not Held
