Let’s think about this scenario for a second... 2 and a bit years ago they raised massive amounts of money via all forms available to them. How much of that would have been raised through or consulted by Komodo? Then, as time goes on they issue themselves options (fine) and are paid MASSIVE salaries. When you consider these gentlemen manage at least 3-4 companies each or sit on boards of directors, you can imagine how much of the working week is dedicated to CCC. Now consider how ‘little’ they drew by way of salary from CCC. The management has made extraordinary stuff ups in terms of overcommitting with the Mashala purchase, due diligence on resource reserves, not informing the market on way too many important transactions, basic cashflow mismanagement etc etc. Then, at a point in time when we're almost bankrupt, the management team will no doubt receive a nice payment for securing some form of finance/transaction (via Komodo) to stave of bankruptcy for another 12 months.
Great situation to be in, isn’t it? They continually line their pockets through various entities and structured deals and we're all facing losses of 95%+.
Jane, any chance you could email me at [email protected] for a quick discussion on some ASIC stuff, please?
CCC Price at posting:
6.1¢ Sentiment: None Disclosure: Held
