talked to the company secretary today ...
1. he's new. so be gentle. he's just trying to understand ctr as we speak. please be gentle. his feelings should not be hurt because your financial investment is not doing well ... be considerate.
2. mitchell and landau not available. one overseas supposedly, the other fknows. either way, not taking calls, not returning calls and obviously not keeping up to date with emails. very busy people. very very busy people. too busy ... be gentle
3. per the coy secretary, the coy secretary has no idea. i don't know if that's a general confession or is relevant only to the extent of his knowledge as to where a5 testing program is up to.
4. an announcement should be made next week. ... what day??? consistent with other information provided, no idea nor prepared to make a commitment, why not? because he might be wrong ... o dear, we can't have that now!
5. in his remit (bearing in mind he's only been on board for 2 weeks) is to consider the costs. i hypothesised that $1.4m pa for a 170 bopd [minute, tiny] oiler was excessive. he assured me that he was looking into it and was ever vigilant for opportunities to rationalise...what a complete and utter crock of shite!!!! right up there with appointing ned kelly's family as members of ned kelly's trial jury ... real useful!!!.
6. the existing debt facility is at call but be assured, the lenders are very close to the directors and have been extraordinarily patient in their participation. company secretary ... be gentle, as he's new ... wasn't entirely sure of the terms of that facility but month instalments / resets might be appropriate. He'll look into it !
7. he seems to think that the 65m have fallen into the hands of Chimaera ... will will be revealed in the top 20 which I think he offered and I have since requested ... doubt it will arrive,
8. a problem is their inability to gratuitously issue more shares ...
a few sobering observations:
~ the company secretary is trying to find out whether testing has been recommenced. absolutely stunning that proposition that he does not know about the progress of the only meaningful activity afoot within the context of CTR. hence, why we need to pay at least $1.4m;
~ his declaration re lack of knowledge despite his history within Okrap and Range is stunning
~ he just like the entire CTR team, will not be accountable for anything. in his mind it was entirely appropriate that he not make a commitment to an update simply because he might be wrong. systemic attitude within the company.
~ an announcement on or about 15 September will be published together with a 3b re the debt ... details of which have not been provided. Today's dumping is probably associated.
lastly, ...
sec 184 ....Good faith, use of position and use of information--criminal offences
Good faith--directors and other
officers
(1) A
director or other
officer of a
corporation commits an
offence if they:
(a) are reckless; or
(b) are intentionally dishonest;
and fail to exercise their powers and discharge their duties:
(c) in good faith in the best
interests of the
corporation; or
(d) for a proper purpose.
(20min delay)