general meeting, spp & grant thornton valuatio, page-3

I had the same thoughts as you Galba85.

It's clearly unfair and it destroys any chance of long-term holders getting a good return on their original investment. COK could have been another New Hope and its SP could have been well over $1.

Now it will be lucky to ever hit 20c (consolidation excepted).

But there really were no other options. There is a page in the booklet which summarises their attempts to recapitalise the company, and they appear to have left no stone unturned in their efforts. But they all failed, and the longer they left it, the worse the SP got and they eventually had no choice but to submit to these corporate predators or go into administration.

In hindsight we can see management made some extremely poor choices in getting so heavily into debt buying (now stranded) pipeline assets before they had any form of income stream, and then doing nothing to resolve it while they were a half-billion dollar company and could have raised at least some equity.

However, the real blame lies with the Koreans who pulled out of the raising at 53c - if this hadn't happened, COK would have been able to pay off the debt and then been in a much stronger position to raise the funds for Baralaba.

And finally, hindsight is of course 20-20. I doubt anyone really saw the credit freeze for mining projects lasting this long - at the time it seemed a better bet to wait it out until markets improved rather than risk a heavy dilution in 2009-2012.

But the gamble didn't pay off, the situation didn't improve and now we either participate in the CR (good money after bad?) or our holdings get diluted almost out of existence.