Complain to ASIC !!
I know it will seem fruitless, but I have had reply from well known Litigation Solicitors, I cannot post all of reply, however, they did say this ;
"Having said that, there appears to be an issue that warrants further attention by the regulator and it is worth contacting ASIC as they may want to look into the conduct of the company officers"
In a nutshell, we were small fry, not enough dollars in it for them.
ASIC's mandate =
"enforce and give effect to the law"
" we have powers to protect consumers against misleading or deceptive and unconscionable conduct affecting all financial products and services, including credit"
"investigate suspected breaches of the law and in so doing require people to produce books or answer questions at an examination"
"seek civil penalties from the courts"
"commence prosecutions – these are generally conducted by the Commonwealth Director of Public Prosecutions, although there are some categories of matters which we prosecute ourselves"
Nothing about it has to be a high profile executive or company.
The situation stinks !
• 11/12/13 Company announces revolving credit facility of $25mio
• 11/12/13 Company states " Commenting on the finalisation of the financing package and the acquisition of the Red Arrow project, Alcyone’s Non-Executive Chairman Paul D’Sylva said.............."
• 11/12/13 Company further states " With a new A$25 million credit facility in place, we are now in a position to step up the process of reviewing a number of investment opportunities.............."
• 24/12/13 Announcement " entered into an agreement with Black Mountain Resources Limited (ASX/AIM: BMZ) (“Black Mountain”) whereby Alcyone will provide A$3 million in long-term debt finance............."
• 24/12/13 Also states " As part of Alcyone’s A$25 million revolving credit facility with New York based investment management firm Platinum Partners (see ASX announcement dated 11December 2013), the A$3 million debt finance facility is to be provided by Alcyone by way of a three-year loan.........."
• 9/1/14 Company Update - Does not allude to any delay or difficulty with funding.
• 31/1/14 December Quarterly Report the Company states : "Alcyone enters into key strategic financial partnership with global partners. Alcyone executes a A$25 million financing agreement from significant global hedge fund firm, Platinum Partners"
• 31/1/14 The 5B statement attached to the Quarterly Report at 3.2 clearly indicates Credit Stand by Arrangements "available" of $25,000,000.
• 5/3/14 There is No deal. No finalisation of agreement, No acquisition, No Executed agreement in the sense of finalisation, No $25,000,000 is available as per the 5B disclosure, and now a plan for an issue.
• 17/3/14 Shares suspended for non production of December 31 2013 accounts. The Corporate restructure & proposed rights issue are never mentioned again.
• 17/11/14 Receivers & Managers Appointed.
Now 2 x Receivers, 1 x Administrator. How ridiculous does it get ?
ASIC, appointed by the people for the people. Time to get the magnifying glass out.
There is Directors liability insurance. A major law firm has indicated NOT all well.
Complain !!! Make ASIC do their mandate & mission statement. Investigate.
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