General Discussion, page-95

Nice one. How about these gems from page 15:

”The company has incurred losses in the past and it is therefore not possible to evaluate the company’s future prospects based on past performance”

I beg to differ.

“The Company expects it may continue to make losses in the immediate future...”

If income doesn’t exceed expenditure, including interest on financing (accumulated losses >$35M) remuneration of directors, the words “it may continue” should be deleted.

The financials on pg. 13 and 14 do NOT reflect the current position of CGB. They are ‘figures’ already taking into account ie. “assuming” fully subscribed rights issue (see * bottom pg.12). The figures are based on audited financials from last year. Why aren’t shareholders given an up to date position of the company? Given the massive debt and low income levels, isn’t it more likely than not that the true position is worse than it was at 31.12.19? How could it be otherwise?

If you take out the assumption of full subscription, and factor in a nominal figure for the cost of borrowings on the accumulated losses, what is the true financial position of CGB so that shareholders can make an informed decision?

Finally this beauty: (pg. 13) “Shareholders who do not participate in the Rights Issue will have their holdings diluted”

So, if every shareholder subscribes, the ratio of ownership remains equal as a %. Those who subscribe will own a marginally higher than non-subscribers. The truth is, whether you subscribe or not, any shareholders that do subscribe will cause dilution. How much more could the current SO be diluted? From $0.005 downwards.....wow!

And to Rebel1’s daughter, I hope Dad factors in the instant dilution when what was divisible by 4 becomes divisible by 5, and allows for the brokerage fee to sell the shares and repay the debt. Share price will need to double . She mightn’t see that $25 for a long time, if ever - a bit like shareholders looking for return on investment.