Lot of questions certainly remain unanswered about the sequence of events which led to CMR's surprise demise as triggered by a 10,000 buck poison pill secured-charge in the original JV agreement ... (why was it there in the first place? ... a secured charge we werent even aware existed, many times having been advised there were no secured creditors in the company.
And the administratrors in their wisdom have decided to reject shareholder claims for such answers without first conducting a forensic investigation / seeking any qualified independent process engineering advice on why a 200 mill buck capital commitment was made without first thoroughly investigating the viability of a previously unproven (on this ore type) and critical process circuit (Co - Ni circuit), failure of which ultimately proved the demise of the company.
I assume the Laws in this country still work retrospectively so their rejection of shareholder FPOD claims IMO have no valid basis until a proper forensic investigation is completed and these critical Qs are answered.
The way such matters are conducted in Oz leaves a lot to be desired in creating any confidence in or protection of the ordinary investor, and this fact should also be brought to the attention of our lawmakers who may not yet be fully aware at the extent of current deficiencies.
And if in fact an elected government is happy to allow sacrificial lambs without appropriate shareholder compensation for a perceived greater national good, then the public should be also made aware of these further deficiencies and their own vulnerability at all times ...whatever happened to our national "future fund" to preserve ozzie assets for our future generations ?
No one knows the true story behind CMR's demise, though u can certainly let yr imaginations run wild, espesh when personal savings have been decimated. This unanswered situation is morally wrong if nothing else, and thats why IMO it is imperative to have all unanswered Qs clearly resolved before ths disgraceful (IMO) story is allowed to proceed to any commercial conclusion.
We are simply seeking the truth.
I have rejected FH's rejection on the basis it is invalid without proper forensic investigation being first conducted into the reasons for CMR's demise leading to shareholders' extermination of investment, and am seeking reasons as to why regulators arent seeking the same simple answers ... otherwise dangerous precedents are being set for more future losses for ordinary folk at the hands of the current and IMO grossly inadequate system which can allow such occurrences without challenge.
IMO it needs INDIVIDUAL action at all levels to push for the TRUTH from ALL parties involved.
Opinion without prejudice.
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
