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IMO the only mistake J.M. really made was voicing his enthusiasm for something he believes in, and has complete and unlimited omniscient of"I beg to differ. From a video interview with Kerry Stevenson on 30/03/2022 James stated in relation to the Carbon Capture pilot plant:
"I've been assured that it will be delivered on the 8th of May."
"It's already assembled so it's going to be a very quick process to get it up and commissioned and running."
Both of these statements were not true. The delivery was out of the Company's hands to a certain degree however there was no disclosure that it was not going to arrive on time.
The worst thing about the comments was the "It's already assembled" part.
@MrGraphite2 did some fantastic digging around and found the shipping documents online that clearly showed that the pilot plant was NOT already assembled but coming in five different consignments. This in my opinion is something that James and the Company
should have known even before the items were put on a ship.
Section 1041(E)1 of the Corporation Act relates to false or misleading statements.
False or Misleading Statements
(1) A person must not (whether in this jurisdiction or elsewhere) make a statement, or disseminate information, if:
(a) the statement or information is false in a material particular or is materially misleading; and
(b) the statement or information is likely:
(i) to induce persons in this jurisdiction to apply for financial products; or
(ii) to induce persons in this jurisdiction to dispose of or acquire financial products; or
(iii) to have the effect of increasing, reducing, maintaining or stabilising the price for trading in financial products on a financial market operated in this jurisdiction; and
(c) when the person makes the statement, or disseminates the information:
(i) the person does not care whether the statement or information is true or false; or
(ii) the person knows, or ought reasonably to have known, that the statement or information is false in a material particular or is materially misleading.I agree that James was very enthusiastic and believed in the projects however he has created a lot of false hope based on statements he made in the public arena. A lot of investors have lost a lot of money based on his 'enthusiasm'.
(20min delay)