Good summary Wrecker.My recollection is that GDN's company...

Good summary Wrecker.

My recollection is that GDN's company secretary (Ranko Matic) has been involved in the establishment of a number of ASX-listed entities. We also know that GDN's chances of making something out of the Golden Eagle are diminishing almost daily. So what are a couple of professional small-company-director-fee-gathering-types going to do?

This: Establish a new company with a few mates in the industry, and toss in an asset owned by GDN shareholders. For the value of the shares received GDN shareholders can expect another 6-12 months of director fees, commerciality surveys, roadshows, etc, that will keeps GDN going a while longer.

In the meantime, and to the complete surprise of everyone, Sciano and Matic turn up as directors of Messina and, for a while at least, have another set of director's fees to collect. Then, when GDN slips quietly away into the night, these two will be among the trusty guardians of this new entity.

New company, new name, new shareholders. Neat hey?

Did the GDN holders get fair value for their Gold assets? I have no idea, but holders have every reason to be sceptical. And as for buying in, you should all feel special that your GDN shareholding brings you the privelege of allowing you to pay for your gold assets for a second time.

-Disco