This has been a tragedy for those of us who have held CLI and/or dollar averaged down since September believing that CLI announcements and crop guidance were correct and now we just have to trust the ASX to do the right thing and if they find that CLI may have breached the Corporations Act, that the Board & Management are referred to ASIC for remedy. Mm (recovering from the Xmas pud)
PS: To prove deception by the company, shareholders, IMO, have to show that they believed CLI announcements and that a reasonable person would have believed that the crop was good and would likely meet CLI's forward guidance of 900K Lbs @ 10% CBD & fulfil the DL contract according to CLI's announcements up to and including 31st Oct 2019.
Shareholders who have posted the contrary on HC threads: that is that the did not believe CLI's announcements or seriously doubted the truth and fullness of them ( or even criticised those who believed CLI's announcements) may, IMO, be in a weaker position to claim compensation because they may not have been decieved or at least not fully decieved. (deception is two sided: the deciever's words/ actions or lack thereof & the gullability of the decieved)
Since early Sept when the ASX placed CLI on its Watchlist, a reasonable person would have thought that subsequent announcements by the company would have been true, full and timely, IMO, so that CLI did not face further ASX censure and expose shareholders to further risk. Please note, the reason for CLI being put on the ASX watchlist was because of a Corporate Governance* issue and not about continuous disclosure and/or the truth/ fullness of CLI's crop reports.
* Conflicting CLI information being supplied to the ASX early Sept about the disclosure of a Director's FINRA history to shareholders before his election. (The then Co Sec said she did not know of the Director's FINRA history which was later affirmed by the Chairman that that history was known.)
CLI Price at posting:
3.1¢ Sentiment: None Disclosure: Held
